Ether trading cryptocurrency market update for May 6, 2019

May 7, 2019 --- Altcoins

Ether trading cryptocurrency market update for May 6, 2019

Daily Chart

Ethereum v’s Bitcoin is seeing some relatively strong price action today that has pushed price back above the 0.0xx level for the time being on a yellow SCMR breakout candle and bullish candle formation which has also sparked new dynamic support at the 0.0xxx level, all good signs for the bulls over the near-term, as are the oversold momentum oscillators which could keep the bulls active for awhile. Having said that, so far this is simply a retest of the bottom of the broken triangle on still lackluster volume indications and still bearish market structure while all of the moving averages continue to fall, stronger dynamic resistance continues to actively building overhead, and the Ichimoku Cloud remains bearish, so we don't think the lows are in yet hence we remain on the sidelines moving forward.

Short term Members ProTrade - We will consider a small LONG position on a move back down to the 0.0000xxx - 0.0000xxx area with a stop around 0.0000xxx and a target of 0.0000xx.

Medium term Members ProTrade - We will consider a LONG position on a selloff back down to the 0.00000xx - 0.00000xx area with a stop around 0.00000xx and a target of 0.000030..

Long term Members ProTrade - We will consider a LONG position on a move back down to the 0.0000000 - 0.00000xx area with a stop around 0.00000xx and a target of 0.0000xx

 

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