ðĨ QNT Time For Reversal After Massive Bullish Move
I've made several QNT posts over the last couple of weeks. Now that QNT has reached my last target of around $230, I'm starting to look bearish before I can looking bullish again.
In my view, both the daily RSI and the huge volume spike yesterday are signaling a (local) top. The RSI was severely overbought on the daily, marking a value of 85 points, which is rare in the current market. Furthermore, huge volume spikes like yesterday's are often a signal of reversals.
My target for the intermediate term is around $160, potentially even lower if BTC decides to drop hard. After $160 I'll be starting to look for a daily higher low to continue the trend.
Patience!
In my view, both the daily RSI and the huge volume spike yesterday are signaling a (local) top. The RSI was severely overbought on the daily, marking a value of 85 points, which is rare in the current market. Furthermore, huge volume spikes like yesterday's are often a signal of reversals.
My target for the intermediate term is around $160, potentially even lower if BTC decides to drop hard. After $160 I'll be starting to look for a daily higher low to continue the trend.
Patience!
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