Ethereum v’s Bitcoin continues to move slowly above the 0.0xx level today which has sparked a blue SCMR reversal signal on a small but bullish candle formation while shorter-term market structure remains intact for now, all of which is good news for the bulls moving forward. We can also see that the flatlined EMA's continue to provide near-term support, the 50 SMA is sitting just below there and should also act as support on weakness, and so far the broken downtrend line has yet to be pierced, so the bulls still have something to work with moving forward. That said, the longer-term moving averages continue to fall, the momentum and volume indications leave much to be desired, and the Ichimoku Cloud is still slowly expanding to the downside, so while a spike up to 0.040 is very possible over the near-term we don't think the 0.0xx - 0.0xx medium-term trading range is going to be broken anytime soon.
Short term Members ProTrade - We will consider a small LONG position on a retracement back down to the 0.0xxx - 0.0xxx area with a stop just below 0.0xxx and a target of 0.0xxx.
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.
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