Ethereum v’s Bitcoin is bouncing off of the 0.032 level today on encouraging price action that has turned SCMR blue on a bullish candle formation that is improving short-term market structure and increasing the likelihood of a double bottom, all of which bodes well for the bulls over the coming days. Also note that momentum is turning higher and the volume indications are getting better, so a move up to the 0.034 area is likely in the near future, although all of the shorter-term moving averages continue to fall, strong dynamic resistance is still building overhead, and the Ichimoku Cloud has flipped to bearish out in front of the market, so we think a move up will simply be a relief rally within a larger consolidation.
Short term Members ProTrade - We will stay in the small LONG position off of the 0.0315 level with a stop around 0.0xx, an initial target of 0.0xx, and a secondary target of 0.0395.
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.
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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