alanmasters

Ethereum Breaks Below EMA10, Aims At $370 Followed by $320...

Short
BITFINEX:ETHUSD   Ethereum / U.S. Dollar
Ethereum ( ETHUSD ) moves back to follow Bitcoin ( BTCUSD ).

On the last move, ETHUSD went on to post a higher high while Bitcoin printed a lower high...

The chart for Bitcoin was clearly bearish but Ethereum instead looked like the bulls had won.

Now we have prices breaking below EMA10 on increasing volume and momentum building upon the drop.

Bearish divergence is also visible with the MACD and RSI .

The next target is sitting at $370 or EMA50 and likely to go lower if ETHUSD continues to follow Bitcoin .

After $370, we have $321 or EMA100 as the main support.

Here is the Bitcoin chart... Let me know your thoughts in the comments section below.

Conditions for change
Moving and close above EMA10 can signal the potential for additional growth... If we stay below the bearish bias becomes dominant in this setup for the reasons/signals mentioned above.

Namaste.
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Comments

which is next support sir ? where it might rebound?
Reply
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