Ethereum trading cryptocurrency market update for Aug 12, 2019
Aug 12, 2019 --- Altcoins
Daily Chart Ethereum v's Bitcoin Technical Analysis
Despite a bounce off of the 0.0175 regional lows from early in the weekend, SCMR signals remain firmly red and new dynamic resistance has been sparked immediately overhead at 0.0187 while market structure remains a disaster so we'll continue to lean to the downside moving forward. The falling moving averages, even stronger dynamic resistance levels above 0.020, lackluster volume indications, and increasingly bearish Ichimoku Cloud all confirm the still intact bearish bias, however oversold momentum could easily drive price up to resistance around 0.020 before the bears return in earnest hence we think it will be a couple of days before sub-0.018 levels are tested once again.
Ethereum v's USD has once again bounced off of the upper demand area which has kept our forecast for more consolidation between 200 - 240 $ intact over the past few days, and a bounce off of the recent 200 $ lows has sparked a blue SCMR reversal signal that is still in play today, all fairly good signs for the bulls overall. So is the still rising 200 SMA and the favorable volume indications, however SCMR is already back to red, the shorter-term moving averages all continue to fall, strong dynamic resistance is actively building overhead, the momentum oscillators remain mixed, and the Ichimoku Cloud is still bearish out in front of the market, so while we think its likely that price stays range-bound between 200 - 240 $ over the course of this week we cannot rule out a move down to test the 200 SMA at 190 $ before the bulls get truly active once again.
Short term Members ProTrade - No trade idea right now
Medium term Members ProTrade - No trade idea right now
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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