QLC / BTC technical analysis [BINANCE]

QLC / BTC technical analysis [BINANCE]

By MrBullishSail | TA crypto market | 21 May 2019


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QLC seen from the temporality of 1D we can observe how the current structure of candles maintain a movement to the rise (pullback) approaching the support of the range, of achieving a reclaim of the support we could see the price rise towards the EQ point located within the price range of 646 - 673, inside the graph above I have traced the possible path that should follow the price after the recovery of support, as we see in the image, the price should go back and test again as support the low range of the structure to continue with the bullish movement that should reach without any problem the high range located at 929.

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QLC seen from the temporality of 1W we can see how the previous candle has shown sign of change of trend, the current candle remains so far confirming the change, I have drawn two curves, one as support and another as resistance, as we see in the image the price has found support coinciding with the lower curve.

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QLC seen from the temporality of 4H we can observe more closely the current movement of the candles, the first thing that can be observed is what for me is the best bullish setup (the 3 stops or inverted SHS), in the image above I have indicated within a gray rectangle the ITZ zone in 4H, at that point the price has tested correctly as a support to take impulse, the recent candles are showing weakness near the resistance so it is possible that we see a pair of candles bearish then continue to rise.

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QLC seen from the 3D temporality we can see as the candle of May 13 has confirmed change of trend, which has caused the following candles to stay above 454, the current candle shows good volume, the RSI indicator shows that the price is at oversold levels which may favor the current bullish movement.

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As fundamental we have two interesting events for the end of May that will significantly influence the value of the currency, in fact may be the reason for the current price movement.

In conclusion, if the price reclaims the support of the range and tests it correctly, we could see the price rise towards the high range, which would be our first objective, the bullish setup that it maintains, as well as the information shown by the indicators and candles all indicate that QLC will have a good week ahead of it, we must be attentive to the movement.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

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MrBullishSail
MrBullishSail

Technical Market Analyst Crypto trader Website: https://www.buymeacoffee.com/XCdmEAZnD Twitter: https://twitter.com/armijogarcia


TA crypto market
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