Conclusion for today’s QQQ analysis: The current sell off is limited and bullish momentum re-established.
The Daily timeframe chart of the NASDAQ ETF ( QQQ ) is presented on a Daily timeframe with price action coverage from December 2018 to Friday market close last week (August 02, 2019).
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The overlapping price pattern from June 17, 2019 to June 30 is interpreted as a rising wedge pattern in the QQQ . A break below the rising wedge on July 31 implied confirmation and therefore the sell off that ensued.
The bullish trendline in the QQQ is plotted from December 24, 2018 and should play a key role in monitoring future price development and a potential change in trend.
The 200 Day moving average is also indicated to help provide context for price action. The QQQ remaining well above its 200 Day MA can still be regarded as bullish despite the recent sell from the price peak of ~195.55 reached on July 26, 2019.
Immediate support for the ETF is anticipated between 181.55 and 182.21. This coincides with the bullish trendline since December 2018 and therefore crucial moving forward.
Lack of support at the trendline suggests looking for the 200 Day to establish support prior to the resumption of movement to the upside.
Our previous Bitcoin analysis (BTCUSD) before the current price rally was also posted for FREE and can be found here.
https://coinanalyst.investments/2019/04/26/btc-analysis