Ethereum trading cryptocurrency market update for Jul 20, 2019

Jul 22, 2019 --- Altcoins

Ethereum trading cryptocurrency market update for Jul 20, 2019

 

Daily Chart:

Ethereum v's Bitcoin is bouncing off of the top of the new demand area today on a blue SCMR reversal signal and bullish candle formation while momentum starts to pick up some steam to the upside, all good news for the bulls moving forward, although EMA and active dynamic resistance are sitting just overhead so we still think that upside is limited to the 0.0xx area. The falling SMA's, the multiple levels of even stronger dynamic resistance above 0.0xx, the lackluster volume indications, and the increasingly bearish Ichimoku Cloud confirm that the longer-term downward bias remains intact but also that consolidation between 0.0xx - 0.0xx is likely over the coming days.

Short term Members ProTrade - No new trades at this time

Medium-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 just below 0.0xx and a target of 0.0xx.

Long term Members ProTrade  No new trades at this time

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