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Trading opportunity: Ethos (BQX) Forms Bullish Descending Triangle

ethos-price

Trading pair Ethos(BQX)/BTC is forming a bullish descending triangle and might be due for a breakout soon as it approaches the peak of the formation. Stochastic is also indicating oversold conditions while RSI seems to be crawling higher as well.

In a last few days, Ethos (BQX) rallied up by more than 100%. Price rally was triggered by announcement of Etho’s highly-anticipated update to the Universal Wallet v1.6, which now allows users to buy cryptocurrency directly in their wallet through integration of Simplex.

“Simplex is the initial stage of the fiat gateway solution we are building at Ethos and are thrilled to feature. Now, our global community will have access to crypto purchases directly in their wallet, while always maintaining self-custody. As we continue to evolve and grow our fiat gateway, the next chapter will include our integration with Voyager,” Ethos said in the announcement.

Soon after followed another wave of good news, after Ethos announced to support Token Swaps with ShapeShift in Universal Wallet.

“The integration with ShapeShift enables users to securely exchange and swap coins without any intermediaries. Users will be able to initiate trades directly from their wallet with settlement and order handling abstracted and rapidly executed for the user,” the announcement read.

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BQX/BTC 2hrs chart, Binance

At the time of writing, Ethos token is trading $0.20 and is currently down by nearly $0.07 from this week’s peak of $0.27, according to Coinmarketcap data. If Ethos token BQX will breakout from the descending triangle and will start to move up, there is a good chance that token price will return to similar price point of $0.024-$0.26.

ethos-coinmarketcap

As always, there are many variables which might affect further price movement of Ethos (BQX), one of the most significant being Bitcoin’s volatility.

About Mantas Malukas

Mantas is the founder of Dapp Life, crypto investor and an online entrepreneur who has professionally immersed in digital publishing and development for over a decade.

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