Aug 22, 2019 --- Altcoins
Etherium v's Bitcoin still doesn't look great considering another red SCMR signal is printing on another small but bearish candle formation that is keeping market structure heavy despite price being back in the demand area, which does not bode well for the bulls heading into the back half of the week. The still falling moving averages, the multiple levels of heavy dynamic resistance, and the increasingly bearish Ichimoku Cloud also suggests that the bears are still in control, although decent momentum and volume indications, while price is in a demand area, creates a dangerous shorting environment hence we're not expecting a breakdown below 0.0175 unless BTC really starts to move lower as well.
A convincing breakdown below the 200 SMA today has sparked a red SCMR signal and CR cancellation and has turned already bearish market structure even heavier while dynamic resistance continues to actively build overhead, so the bears appear to have full control of the market moving forward. The falling shorter-term moving averages, the mixed momentum oscillators, and the bearish Ichimoku Cloud also point to more selling ahead, although we continue to think that the 175 $ level will be of interest to bulls so that is where we'll watch for a reversal.
Short term Members ProTrade - No trade idea right now
Medium-term Members ProTrade - No trade idea right now
Long term Members ProTrade - We will consider a LONG position on a move down to the 0.0xx - 0.0xx area with a stop around 0.00xx and a target of 0.xx.
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