Ethereum trading cryptocurrency market update for Sept 9, 2019
Sep 10, 2019 --- Altcoins
The good news for the Ethereum v's Bitcoin bulls is that a CR UP confirmation signal printed yesterday on a fairly bullish candle formation that closed above the lower EMA, and today the current candle is trying to close above the upper EMA while momentum remains favorable and new dynamic support has emerged for the first time in months, so there could be some gas left in the tank in terms of this rally. The bad news is that all of the longer-term SMA's continue to fall, the volume indications remain lackluster, the Ichimoku Cloud continues to grow more bearish, and strong dynamic resistance is still building just overhead around 0.018 which is where we think the bears start to get active once again.
ETH v's USD was showing some promise after the close yesterday considering a CR UP confirmation painted on a small but relevant double bottom and still favorable momentum and volume indications, although today a CR cancellation has emerged on a bearish candle formation that is being rejected by the stagnant EMA's so the bears appear to have returned already. The still falling 50 and 100 SMA's, the increasingly bearish Ichimoku Cloud, and the resistance confluence around 200 $ area also suggesting limited upside over the coming days hence our forecast for more broad consolidation between 150 - 200 $ remains intact until further notice.
Short term Members ProTrade - No trade idea right now
Medium term Members ProTrade - We will consider a small LONG position on a retracement back down to the 0.0xxx - 0.0xx area 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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