Jan 25, 2019 --- Altcoins
ETHBTC continues to slowly bleed to the downside to test the 0.0xxx local low which is keeping SCMR signals neutral and candle formations small but bearish while longer-term market structure remains broken and heavy and strong dynamic resistance continues to build overhead, none of which is good news for the bulls moving forward. Neither are the now falling EMA's which are currently acting as near-term resistance, the 50 SMA which is moving further below the 100 SMA, the momentum oscillators which remain suboptimal, and the Ichimoku Cloud which is still growing more bearish out in front of the market, so we think it will be tough for the bulls to avoid a test of the 0.0xxx level (if not substantially lower). That said, given the amount of support above the 0.0xxx cycle low as well as the current state of the volume indications, which are still bullish, we continue to think that the bulls will defend that low meaning we are likely currently in the bottoming process even though the longer-term technicals remain bearish overall.
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.
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