Ether (ETH) Market Update for Nov 23, 2018
Nov 26, 2018 --- Altcoins
Unfortunately for the ETHBTC bulls the weekly chart below is confirming what the shorter-term charts have been saying for some time which is that price is likely to continue to head lower now that the 0.0xx level has been convincingly breached on a red SCMR signal and bearish candle formation. Granted, MT market structure remains intact as long as the 0.0xxx level holds and LT market structure is fine above 0.0xxx, however things are looking very heavy right now in terms of price action while the EMA's continue to move lower, the 50 SMA is getting close to crossing below the 200 SMA, strong dynamic resistance has begun to build around 0.0xxx in addition to even stronger levels above there, and the Ichimoku Cloud is slowly but steadily expanding to the downside out in front of the market, all confirming the still intact bearish bias moving forward. That said, due to the oversold momentum oscillators and the decent looking volume indications we think a countertrend bounce is likely in the not too distant future, likely between the 0.0xx - 0.0xx levels, although we think it will be short-lived and ultimately new cycle lows are reached before a sustainable reversal materializes later this year or early next.
We will consider a LONG position on a selloff down to the 0.0xx - 0.0xx area with a stop around 0.0xx and a target of 0.0xx.
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