UBQ/BTC Weekly Equilibrium Pattern Soon to Break

31 de mai. de 2018

Clear tightening pattern on UBQ/BTC's weekly chart. Break is likely after a few more weekly candlesticks. Technically broke bearish this week but with rounding I would call it a double bottom. Also, there has been no follow through on the break. The daily chart is bouncing from oversold conditions as well. Could be a bear flag or an opportunity for a bounce after a double bottom. The direction this pattern breaks will dictate momentum for at least a couple months in my opinion. For this coin to see ATHs in 2018 it is imperative that the bulls show up and break this equilibrium pattern bullish. I drew horizontal lines of support and resistance on the chart as well as a sloppy trend line. Thanks for reading.