Ether (ETH) Market Update for Jan 10, 2019
Jan 11, 2019 --- Altcoins
ETHBTC has followed bitcoin's lead to the downside over the past 24 hours which has taken out strong dynamic support around the 0.0XX level thus sparking new and strong dynamic resistance at 0.0XX as well as a large red SCMR signal on a bearish candle formation that has broken near-term market structure, all of which points to lower prices from here. We can also see that both EMA's have been broken which is dragging them back to the downside, the 200 SMA remains in a steady downtrend, the momentum oscillators are falling with plenty of room to run lower, and the volume indications are turning substantially more bearish, so we think a continuation to the downside is likely despite price finding near-term support at the top of the upper demand area. Granted, we still think an opportunity to buy the dip is approaching which is why we are keeping the ProTrade setups as is, although that still implies a move down to the 0.0xx region which is an almost 15% move lower from current levels so caution is certainly warranted moving forward.
We will consider a LONG position on a continuation down to the 0.0XX - 0.0XX area with a stop around 0.0XX and a target of 0.0XX.
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