QNTUSDT - Short - Broadening Wedge
Updated
QNT is currently forming an ascending broadening wedge pattern on daily timeframe. An ascending broadening wedge is a bearish reversal chart pattern. Where the upper line is the resistance line and the lower line is the support line. As we can see in the chart that it´s moves increase with higher magnitudes. This pattern should be traded when the price breaks out of the support line.
Looking at the pattern combined with the three indicators we can conclude it´s currently in an overbought condition. So it´s likely for the price to retrace. The three indicators are Bollinger Bands, RSI 14 and Stochastic.
In our opinion it´s more likely for the price to retrace and pump once more before it breaks out of the support line. So for now Target 1 in prioritized. Before targeting the other two targets we have to wait what happens after Target 1!
All the details are shown on the chart.
Goodluck!
Looking at the pattern combined with the three indicators we can conclude it´s currently in an overbought condition. So it´s likely for the price to retrace. The three indicators are Bollinger Bands, RSI 14 and Stochastic.
In our opinion it´s more likely for the price to retrace and pump once more before it breaks out of the support line. So for now Target 1 in prioritized. Before targeting the other two targets we have to wait what happens after Target 1!
All the details are shown on the chart.
Goodluck!
Trade active
The idea is still valid. Good progress so farTrade active
First target reached, expecting a bounce and further drop.Our view changed due to massive bearishness. We expect a weak bounce (not reaching target 2 from the chart).
Trade closed: target reached
First target reached as expected. The price broke the trendline and closed below the trendline which now is acting as a resistance. The sentiment is bearish so no expecting any bounce now. The price may go staight to the target 3 from this trading idea.
Anyway position closed after reaching target 1.
Note
The upsloping trendline of the wedge which was previously acting as a support, now is acting as a strong resistance. Shorts are justified . Target 3 will come sooner or later.Note
The trend has flipped bullish. Don't short , buy the dip
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