Ether Price Prediction for May 31, 2016
May 31, 2016 --- (ARCHIVED) Free Reports
Quite surprisingly ETH is holding up exceptionally well considering there is quiet a bearish setup currently on the daily chart below. We can see that a fairly nasty "M" top has been put in around the 35 level, which will make it exceedingly difficult for the bulls to push through there. That said, there are other indications that make us think that price can push up into resistance according to the ProTrade below.
There are a few signs that are encouraging for short term bulls at the moment. First of all we can see that price wicked down into the near term OTE long zone over the weekend but was quickly rejected back above it and the volume profile PoC. Additionally, SCMR dynamic support held in this area as well despite fairly swift sellside exchange volumes over the past week or so, and SCMR candles are now painting a possible confirmed reversal up for the time being. Lastly, momentum is mixed considering the EMA's have crossed bearishly, RSI and Willy are chopping around in no man's land, PPO is neutral, and the A/D line remains relatively strong.
We currently have a ProTrade working from more favorable levels. For the specifics of the trade, the longer term forecasts, and additional bitcoin and altcoin coverage SUBSCRIBE