Ether trading cryptocurrency market update for May 16, 2019
May 17, 2019 --- Altcoins
Ether v’s Bitcoin has been on an absolute tear over the past 48 hours after finding a bottom in a historically significant demand area earlier this week which has led to two bright green SCMR signals that have turned short-term market structure bullish and sparked new dynamic support at the 0.0xxx lows, all good signs for the bulls moving forward. On the other hand, price has stalled out recently and is beginning to retrace following a tag of heavy resistance in the form of the lower supply area, two OTE short zones, the old triangle trendline, and the volume profile PoC, which has turned the current candle formation fairly bearish so the bulls need to proceed with caution heading into the weekend. That said, price is still above the broken moving averages and the momentum and volume indications look favorable so we think short-term dip buyers will emerge on a move back below 0.0xx.
Short term Members ProTrade - No new ProTrade at this time
Medium-term Members ProTrade - We will consider a LONG position on a selloff back down to the 0.0xx - 0.0xx area with a stop around 0.0xx and a target of 0.0xx
Long term Members ProTrade - We will consider a LONG position on a move back down to the 0.0xx - 0.0xx area with a stop around 0.0xx and a target of 0.0xx
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