ETH/EUR bears in minor trend resumes at ascending triangle resistance, uptrend drifts in whipsaws – Trade Tunnel Spreads:
Ether (ETH) prices are succumbing to bears in last September that was significant to end the 2018 in the gamut of cryptocurrency bearish rout.
Well, Ethereum appears nothing like before, began a true bear market by returning to the lowest levels since the fall of 2017, after rising to above $1,300 and tumbling to almost $400. ETH has also lost considerably since its highs of BTC prices last summer, down 50% from 0.15 BTC to 0.073 BTC.
Technically, ETHEUR bears resume exactly at ascending triangle resistance at 206.0688 levels. Consequently, bears nudge below 7DMAs (refer 4H charts). Both leading oscillators (RSI & stochastic curves) signal overbought pressures and lagging indicators have been indecisive.
While the minor uptrend, on daily terms, turns whipsaws at DMAs (refer rectangular area on daily terms).
Trade tips: On trading perspective, at spot reference: 198.4000 levels, capitalizing upswings, it is advisable to execute tunnel spread strategy with upper striking options at 201.7613 and lower short lower strikes at 196.8991 levels, the strategy is likely to fetch leveraged yields as long as underlying spot FX keeps dipping but remains well above lower strikes on the expiration.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 67 levels (which is bullish), hourly USD spot index was at 17 (neutral), while articulating (at 13:20 GMT).
Ether (ETH) prices are succumbing to bears in last September that was significant to end the 2018 in the gamut of cryptocurrency bearish rout.
Well, Ethereum appears nothing like before, began a true bear market by returning to the lowest levels since the fall of 2017, after rising to above $1,300 and tumbling to almost $400. ETH has also lost considerably since its highs of BTC prices last summer, down 50% from 0.15 BTC to 0.073 BTC.
Technically, ETHEUR bears resume exactly at ascending triangle resistance at 206.0688 levels. Consequently, bears nudge below 7DMAs (refer 4H charts). Both leading oscillators (RSI & stochastic curves) signal overbought pressures and lagging indicators have been indecisive.
While the minor uptrend, on daily terms, turns whipsaws at DMAs (refer rectangular area on daily terms).
Trade tips: On trading perspective, at spot reference: 198.4000 levels, capitalizing upswings, it is advisable to execute tunnel spread strategy with upper striking options at 201.7613 and lower short lower strikes at 196.8991 levels, the strategy is likely to fetch leveraged yields as long as underlying spot FX keeps dipping but remains well above lower strikes on the expiration.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 67 levels (which is bullish), hourly USD spot index was at 17 (neutral), while articulating (at 13:20 GMT).