QANX weekly bullish wave hanging by a threadAfter two successful Fibonacci retracements on the daily chart QANX has lost support for the third wave up. However it has just performed a Fibonacci golden zone retest of a potential second wave up on the weekly chart.
0.02 - 0.022 was a potential buy zone, which - for now - seems to have triggered some buys.
Now QANX is a low-volume and short-history token. Very risky to try and use Technical Analysis on it. If we see a confirmed break of the downward sloping trendline (meaning one candle closing above the trendline and the following one opening AND closing above it - on the weekly timeframe of course) then we might have a good chance of a wave up on the weekly timeframe.
Please note that such a move may take months and is not guaranteed!
There is a higher probability (ie ~67%) of price reaching the range between 0.067 - 0.104 USD if the aforementioned confirmed break occurs.
Chances are reinforced by the fact that 0.021 has acted as strong resistance this summer and we are now coming back to retest it. There is a high likelihood that it will act as support for further price growth.
There is also an upward supporting trendline that could act as a secondary support (though weaker in itself than the horizontal support). These two potential supports together with the potential Fibonacci retracement suggest that this my be a good overall buy level.
Further reinforcement may be the all-time low daily RSI level (just entering below 30) and the low stochastic RSI levels - these are daily levels, not weekly so these do not strengthen the weekly buy case in themselves)
All in all, risk-seekers might pull the trigger today while more cautious traders may want to wait 1-2 weeks for a confirmed break of the trendline.
I may buy 33% of my intended position today and wait for a confirmation with the rest. If the breakout fails my next potential support to spend the remaining 66% may be 0.014 USD.
