Ethereum trading market update for Feb 19, 2019
Feb 20, 2019 --- Altcoins
ETHBTC has finally cleared the longer-term downtrend line on a bright green SCMR signal that printed over the weekend following the SCMR CR UP confirmation from last week, and now we are getting another bright green signal as price moves further above the trendline while market structure continues to improve, all of which points to more upside before the bears return in earnest. Also note that the EMA's are beginning to accelerate to the upside, the 50 SMA just recently reversed back to bullish for the first time since June of last year, strong dynamic support continues to build around 0.030, the momentum oscillators are moving slowly higher with room to run, and there isn't much in the way of short-term resistance until the 0.0xx area which is where we expect price to head over the coming days. That said, the 200 SMA continues to fall, the volume indications leave something to be desired, and the Ichimoku Cloud remains firmly bearish out in front of the market, so we also still think that a retest of the low-0.03's is likely before a bottom is truly confirmed.
We will stay in the remaining portion of the LONG position off of the 0.030 level with a stop around breakeven and a final target of 0.0xx
ENTERED @ 0.030; PARTIAL PROFITS TAKEN @ 0.0325 & 0.035
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