Ethos is also feeling the beating from the father of all coins "Bitcoin" and not only Ethos. The whole market is bleeding and there's a lot of Bull blood on the streets. Where will this end? Where will the Bulls get enough strength to take over this marked? Let the light of the candles guide you!
Lets take a closer look at the "Ethos" chart and take some important key events from the past and possible patterns that can occur.
01. March 2 Ethos (BQX) broke-out from the and the "pink"top line now became support. -good thing!
02.March 9 Ethos (BQX) breaks the "green" long term uptrend line and finds support on the "pink"top line, but the "blue" 14 line is pushing the candles down. - very bad thing!'
03. March 15 Ethos (BQX) makes a with February 21 on the "0.786" fib-retracement, but still trading way below the long-term uptrend. A "Double bottom" is a strong reversal sign'' - good thing.
04. And what pattern do we see there? Is Ethos forming a "Inverse Head and shoulder pattern? If this is the case we could have a trend reversal. For this to occur Ethos has to breakout through the "black" downtrend line and close above 0,000358 to have conformation from the trend reversal. - good thing
05. Bitcoin "The Father of all Coins" is very and the "Bears" are taking the "Bulls" by the horns. For my crypto mind the most likely scenario is that Bitcoin will make a and we see the 6000$ once more. And after the sh*t storm is over. I pray for a market reversal and Bitcoin trades at least around the $7500 zone. - very bad thing!
Ethos is on a point of decision and we have 3 good things and 2 very bad things. There are 2 very strong trend reversal patterns that can defiantly give the Bulls some power to push Ethos back to the long term uptrend and that means that we are at the bottom right now. But we need to keep a very strong eye on Bitcoin , because if he goes down Ethos and the whole market probably goes down.
With lots of Love,
ThinkCrypto - "Shed some light on the road in these dark times"
As suggested yesterday at point "03" and "04" two strong indication of a trend reversal. And YES It triggered the Bulls and at the moment the Bulls are dominating the Bears. We had some strong sell offs, but still the Bulls are thriving the candles upwards and we definitely are making the "Inverse Head and Shoulder" chart pattern. We have a conformation of a break-out and a complete trend reversal if Ethos closes above the 0.00036 resistance line.
We still have a bumpy road ahead where the Bears will try to overrule the Bulls.
First we have to break the "black" downtrend line to complete the "inverse Head and Shoulder" chart patern, second we have to close above the 0.00036 resistance line and for a markt reversal and that we can speak of a bullish market we have above the 0.00045 "Heavy Resistance" level.
When ever you are trading or buying in this zone, keep BTC in mind. It's still very fragile and we are still miles away from a Bull-market.
With lots of Love,