Ethereum v’s Bitcoin had a bad reaction to the BTC pump over the past 24 hours which pushed price down to a new local low of 0.0303 on a red SCMR signal that broke short-term market structure and sparked new and very strong dynamic resistance at the 0.0345 level, none of which is good news for the bulls moving forward. Neither are the EMA's which are starting to accelerate to the downside, or the fact that price is now well below the 50 and 100 SMA's, although the now bullish 200 SMA is acting as support which is sparking a rather bullish candle formation while the momentum and volume indications continue to slowly improve so we're ok with being in the ST ProTrade given favorable r/r and a good reaction off of the lows. That said, there could be a larger descending triangle forming so we need to have a tight trigger finger if the new lows are challenged over the coming days.
Short term Members ProTrade - We have activated a small LONG position off of the 0.0315 level with a stop around 0.0xx and a target of 0.0xx.
ENTERED @ 0.0315
Medium term Members ProTrade - We will consider a LONG position on a continuation down to the 0.0xxx - 0.0xxx with a stop just below 0.0xxx and a target of 0.0xxx.
Long term Members ProTrade - We will consider a LONG position on a move down to the 0.0xx - 0.0xx area with a stop around 0.00xx and a target of 0.xx.
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