Ether (ETH) Market Update for Nov 29, 2018

Nov 30, 2018 --- Altcoins

 

ETHBTC is holding onto the 0.0268 regional lows by a thread as the selloff today has taken price right down there on a red SCMR signal and bearish candle formation that has broken near-term market structure and decreased the likelihood of the Adam & Eve double bottom quite substantially in our opinion. Also note that all of the moving averages are still moving to the downside, multiple levels of dynamic resistance continue to build overhead, and the Ichimoku Cloud remains firmly bearish above and out in front of the market, so we have yet to get active despite good r/r at these levels. Granted, momentum is getting extended to the downside and the volume indications remain fairly encouraging which could spark a countertrend move higher off of the bottom of the demand area, although the way the technicals look right now we think a breakdown below 0.0268 is more likely moving forward. 

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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