Ethos (BQX) VS Bitcoin Bullish Pattern
Ethos token has reached an all-time high, hitting 90k satoshis and the correction down followed and continued within the falling wedge pattern. Price went down to 31k satoshis, which has resulted in a 65% decline over the Bitcoin.
BQX/BTC found the support at 127.2% Fibonacci retracement level applied to the November 2017 corrective wave down. After hitting the support price went up, where RSI trendline was broken. On a corrective wave down Ethos formed a double bottom and RSI trendline has been rejected, but this time acting as a support.
If the support holds, BQX/BTC should resume the uptrend. Considering the previous magnitude of the uptrend, an upside target at 110k satoshis comes to play. This is the 527.2% Fibs retracement level. At the same time, 70k and 90k resistances must be watched for either a rejection or a breakout.
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