Watch out for a test of the range high: Quantum technical analysis
Quantum technical analysis highlights that buyers are likely to test towards the $1.95 resistance level.A breakout above the $1.95 level would be extremely bullish for the cryptocurrency.
Quantum has been notably strong over recent days, with the pair increasing its value by close to fifteen percent.
A bullish triple-bottom pattern formation suggests that the QTUM/USD pair could start to test towards the top of its medium-term trading range.
Bullish sentiment has also been sweeping through the broader crypto market, which is helping to promote the notion that the cryptocurrency winter may be over.
Quantum medium-term price trend
The QTUM/USD pair is technically bearish while trading below the $2.40, which is the current location of the pair’s 200-day moving average.
Quantum technical analysissuggests that bulls may test towards the top of the pairs trading range, due to the emergence of a triple-bottom pattern formation.
This will place the $1.95 resistance level firmly in focus. QTUM/USD has been trapped between the $1.45 to $1.95 level over recent weeks.
A breakout above the $1.95 level would be extremely bullish and could see the cryptocurrency pair advancing into a much higher trading range above the $2.00 level.
The QTUM/USD pair is also supported by bullish signals on both the MACD and RSI indicators on the daily time frame.
Quantum short-term price trend
The short-term bullish trend in the QTUM/USD pair remains intact while the price trades above the $1.65 support level.
The strong reversal from the $1.49 helps the QTUM/USD pair recover from the neckline of a bearish head-and-shoulders pattern.
Traders that are bullish towards QTUM/USD in the short-term must be aware that this bearish pattern is still looming over the pair.
A breakout above the $1.95 level would invalidate the head and shoulders pattern. This would certainly encourage further gains in the cryptocurrency. Watch out for continued gains above the $1.65 level to confirm the next bullish move towards the $1.95 level.
Quantum technical summary
Traders that are bullish towards the QTUM/USD pair over the medium-term are likely to be encouraged by the triple-bottom formation.
Watch out for an upcoming test of the range high, around the $1.95 resistance area.