Leading cryptocurrency Quant ($QNT) is now poised for potential breakout from a bullish pennant pattern. Here is a simple chart walk-through that shows you why $QNT may be one of the top crypto swing trade setups in the market now!
On September 23, we sold $QNT in the Model Crypto Portfolio for a quick gain of +13.5% on a 3-day crypto swing trade.
Now, Quant is once again setting up for a lower-risk buy entry on a pullback to major area of key price support.
Continue reading for a quick walk-through of the crypto swing trade setup, then get ready to profit from a potentially massive breakout to fresh all-time highs in $QNT.
Quant rallies to +75% in model portfolio
On August 8, we first alerted Morpheus Crypto subscribers of our initial buy entry into $QNT.
The following week, we highlighted the bullish chart pattern of $QNT in our August 16 post, then analyzed Quant further in 3 Explosive Cryptos Setting Up for Potential Buy Entry Now a few days later.
$QNT has continued trending steadily higher since then, and is currently showing a price gain of +75% in the Model Crypto Portfolio.
But separately from that position, $QNT is now setting up for potential pullback buy entry that could soon lead to a massive breakout.
$QNT Buy Setup: Breakout entry walk-through
$QNT has been chopping around in a range the past few days, but is now coming into a support area of triple price convergence.
On the daily chart of $QNT below, notice how the following three technical support levels all converge in the same area:
- 50-day moving average (red line)
- Dominant uptrend line
- Support of prior swing lows
With this type of chart pattern, odds favor an upside breakout of the pennant.
However, we would not be surprised to first see a quick undercut and shakeout below obvious support that swiftly snaps back.
If $QNT breaks out to the upside, watch for higher volume to confirm the breakout.
Buy Entry
We are looking for a potential buy trigger price for swing trade entry above the $310 area.
Specifically, we are looking for $QNT to break out above the downtrend line from its all-time highs:
A move above the $310 level would also put $QNT back above resistance of its 50-MA on the 4-hour chart–a useful indicator in our trading strategy.
As always, we will instantly alert crypto subscribers of exact trade details if we re-enter $QNT in anticipation of another winning crypto swing trade.
Remember to trade what you see, not what you think!
Source: http://feedproxy.google.com/~r/mtg-swing-trading/~3/FD-qBd3KsxA/
