Ether (ETH) Market Update for Nov 15, 2018
Nov 16, 2018 --- Altcoins
ETHUSD continues to look pretty bad from a medium-term perspective considering SCMR is still painting red signals on bearish candle formations and heavy market structure while strong dynamic resistance remains overhead and the Ichimoku Cloud continues to expand to the downside. We can also see that the EMA's are still bearish and are acting as resistance as they have for many months now, the 50 SMA continues to trend steadily to the downside following a break of the 200, and the momentum oscillators are simply treading water in no man's land which is no help to the bulls for the time being. Granted, price is now inside of the adjusted long-term demand area while volume indications remain relatively strong, however we think this will only serve to stem further bleeding down past the $xxx - $xxx area which is where we think there is a good chance of a sustainable bottom being established moving forward.
We will consider a LONG position on a selloff down to the $xxx - $xxx area with a stop around $xxx and a target of $xxx.
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