Updated
ETHOS Holding After Punishment
Ethos BQX (formally Bitquence) is the ERC20 token for the Ethos project.
A highly ambitious project with a solid team which is growing daily.
They aim to firstly create a secure multi-currency wallet in which the user keeps sovereignty over their keys and in the future there is a lot more to come, no shilling here - read for yourself ethos.io.
On the chart you can see a massive wick down to 100sats, this is an "accidental" (IDK wtf I'm doing) cleaning of the orderbook please see this post as I found the foolish person -> imgur.com/a/PbqSz . Is this capitulation, probably?
However, all that said and done the price snapped back quick over 30ksats but if the bottom of the purple trend line doesn't hold around 25ksats then BQX will see lows it hasn't for months.
BTC has been in bearish for a while now but BQX has held sat levels better than a lot of alts and the public release of their product around the corner people might not want to sell but if they do it could be a good buy but watch BTC first.
A highly ambitious project with a solid team which is growing daily.
They aim to firstly create a secure multi-currency wallet in which the user keeps sovereignty over their keys and in the future there is a lot more to come, no shilling here - read for yourself ethos.io.
On the chart you can see a massive wick down to 100sats, this is an "accidental" (IDK wtf I'm doing) cleaning of the orderbook please see this post as I found the foolish person -> imgur.com/a/PbqSz . Is this capitulation, probably?
However, all that said and done the price snapped back quick over 30ksats but if the bottom of the purple trend line doesn't hold around 25ksats then BQX will see lows it hasn't for months.
BTC has been in bearish for a while now but BQX has held sat levels better than a lot of alts and the public release of their product around the corner people might not want to sell but if they do it could be a good buy but watch BTC first.
Note
Looks like ETHOS had a nice high volume breakout of the descending channel - pretty much following the final arrow on my chart which is good.
Price also held strong above 26k sats.
On lower timeframe you can see the price dropped to re-check the descending channel and did bounce off implying up-trend strength.
I am, however, concerned for a few reasons.
That the UW is only now entering testing, and won't be released until I assume at least a few iterations of testing (from knowledge of software dev cycles I would not be surprised if it was months from now).
It is known there a number of ICO investors holding large bags.
If BTC runs alts historically loose sat value.
There is also a good deal price expectation from newer investors (just check Suppoman and his following), often of a delusional nature, however, weak hands have probably already shown themselves.
Note
My concern for this token was correct as from my last post BQX/BTC dropped 85% and reached new lows on Binance.Note
Trade active
BQX/USD (not pair only calculated)BQX/USD BQX/BTC like a good deal of alts seems to be grinding the bottom, falling further from here in my opinion is doubtful.
Those who sold around the 20/25k sat level would do very well to buy back their token now at 5x discount.
Note
Back in position, 'downside seems limited'
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.