Ethereum v's Bitcoin reversed back to the downside over the past 24 hours, faster than anticipated, and is already getting close to the 0.025 level on a red 3-day SCMR signal and small but bearish candle formation while the market structure remains bearish overall and new and very strong dynamic resistance has emerged immediately overhead. We can also see that all of the moving averages continue to move to the downside, the volume indications leave much to be desired, and the Ichimoku Cloud is beginning to grow even more bearish out in front of the market, all pointing to lower prices in the near future. That said, another hold of the 0.0245 level will likely give the bulls some confidence as momentum gets close to recharged, so that is a key level to watch moving forward (as is the 0.023 regional low for the same reason).
Short term Members ProTrade - No trade idea right now
Medium-term Members ProTrade - We will consider a LONG position on a selloff 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 down to the 0.0xx - 0.0xx area with a stop around 0.00xx and a target of 0.xx.
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