While it's hard to predict exactly when BINANCE:QSPETH
will break out of it's current descending triangle
formation (dark green), it's already managed to break clear of its downtrending channel (pink) and there's a firm line of support (dashed green) right on the horizon. It'll happen at or before the intersection... which happens to coincide with QSP's debut at Y Combinator on March 19. The community has been hanging their hats on the exposure for weeks, likely slowing the rate of decline from the ATH
-1.92% as non-hodlers have cashed out their gains. The conditions are ripe for a full moon
. Targets on the upswing are in baby blue.
However, the current downtrend might look to some like a bear flag
. If there's a continuation of this pattern and the bears bring the price below it's support level
established pre-ATH (horizontal baby blue), it's line line of support is the level set at the prior ATL
(lower baby blue) and if it can't hold there, the ship is going down.
This is NOT a recommendation to buy or sell. It us for educational purposes only.