Dec 14, 2018 --- Altcoins
Despite the relatively bullish setup that we discussed yesterday on the daily chart, the 3-day reinforces how bearish things are overall considering SCMR continues to print red signals on generally bearish candle formations and broken market structure while multiple levels of dynamic resistance continue to build overhead, all pointing to a continuation lower at some point in the not too distant future. Also note that all of the moving averages remain in steady downtrends, the volume indications remain lackluster, and the Ichimoku Cloud is growing far more bearish out in front of the market, all confirming that the bulls will have trouble gaining any real traction any time soon. Granted, a countertrend move back up to the 0.000x area is possible due to the shorter-term technicals we talked about yesterday and the momentum oscillators which look ready to bounce out of oversold territory, although we would be sellers around those levels as the bears are likely to return in earnest there.
LONG position off the 0.000xxx - 0.000xxx with a stop just below 0.0000xxx and a target of 0.0000xxx
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