BQX/BTC update - Pennant broken, but we must hold this level!

After a beautiful pop out of the symmetrical triangle, it is imperative for BQX to hold the area where it's at now:

Firstly, we got to love how the measured move was hit by the long wick spot on as mentioned in my prior blog. BQX has retraced a bit and it's back testing the long term diagonal trend line as we speak. Thats good its holding it for now because a clean break below would just scream false breakouts everywhere. I did state that we can bust through bullishly out of the triangle only to continue our downward trend by keep retesting the trend line. For now, we have to like what were seeing as its early on following the break. The pop in volume is also reassuring. It's not as high as our first pop back on the 14th, but it is more elevated none the less. We are, however, showing a bit of bearish divergence on your MACD & RSI. Hopefully this pullback we're experiencing is whats playing out our divergence now, and its nothing more major than that. Time will tell. It is a warning signal to be careful trying to open any long positions until we start getting all the indicators on board. That may take a few more days until we see how BQX acts at this area.

Moving forward, we must pay close attention to this diagonal trend line. To keep this bullish trend, we must stay above this trend line and we need to test the 8387 SAT area or even better, break it at some point in the near future. If we fail to show strength, and dip below the diagonal trend line, then we will test the lows again around the 4479 SAT area.

Lets hope we can chalk this one up as bullish mid term. We're going to need more than just a break out of a symmetrical triangle. We'll need a lot of follow through going forward.

Hope this help!