Ethereum trading (ETH) trading cryptocurrency market update for Mar 12, 2019
Mar 12, 2019 --- Altcoins
The blue SCMR reversal signal from late last week has yet to help the Ethereum v's Bitcoin bulls, and in fact price is slightly below where it was when that materialized which has sparked a small but bearish candle formation and SCMR signal while new dynamic resistance has begun to build overhead around 0.0xxx, all of which points to more downside in the not too distant future. Also note that price is back below the flatlined EMA's for now, the 100 and 200 SMA's remain in steady downtrends, the momentum and volume indications leave much to be desired, and the Ichimoku Cloud continues to grow more bearish out in front of the market, so the bears certainly appear to be in control moving forward. That said, we think support emerges above the 0.0xx level so we still want to be buyers in the low-0.0x's where r/r remains quite favorable.
Short term Members ProTrade - We will consider a small LONG position on a retracement back down to the 0.0xxx - 0.0xxx area with a stop just below 0.0xxx and a target of 0.0xxx.
Medium term Members ProTrade - We will consider a LONG position on a continuation down to the 0.0xxx - 0.0xxx with a stop just below 0.0xxx and a target of 0.0xxx.
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