$QTUM - SHORT Setup
Entry: 1.252 – 1.260 (On rejection of this supply zone)
Target 1:1.230
Target 2:1.210
Stop Loss:1.268 (Above the 24h high and clear resistance)
My View:
QTUM is trading within a clear downtrend,evidenced by the significant declines over the past 90 days (-89.09%) and 30 days (-20.91%). The price is currently in a weak retracement towards a strong supply confluence. This area includes the 24h high (1.266) and a dense order book Ask wall near 1.249-1.252. The price action shows a clear breakdown from previous support levels, and the current bounce lacks momentum. The order book imbalance shows significant selling pressure stacked just above the current price. The plan is to short a rejection from the defined resistance zone, anticipating a continuation of the established bearish trend towards the recent lows and beyond.
Bias: Bearish below 1.260. A sustained break and hold above 1.268 would suggest a stronger corrective move is underway.
Disclaimer:My plan. Not advice. Trade your own risk.
