Ether trading cryptocurrency market update for May 24, 2019
May 25, 2019 --- Altcoins
The good news for longer-term ETHBTC bulls is that the weekly chart below still shows an active blue SCMR signal from last week that is being followed up by a light blue signal this week while a double bottom becomes a possibility, encouraging to be sure, although the falling moving averages, strong dynamic resistance overhead, lackluster momentum indications, and an increasingly bearish Ichimoku Cloud are keeping us skeptical for the time being. Granted, the volume indications remain favorable and support is strong below the market, hence the still intact ProTrade setups, but until the bulls prove us wrong via a breakout above 0.040 we'll continue to lean slightly bearish overall.
Short term Members ProTrade - We will consider a small LONG position on a retracement back down to the 0.0xx - 0.0xx area with a stop around 0.0xx and a target of 0.0xx.
Medium term Members ProTrade - We will consider a LONG position on a selloff back down to the 0.0xx - 0.0xx area with a stop around 0.0xx and a target of 0.0xx.
Long term Members ProTrade - We will consider a LONG position on a move back down to the 0.0xx - 0.0xx area with a stop around 0.0xx and a target of 0.0xx.
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