ETH 'Piercing' the 5 Month Channel

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
For the last 8 months, ETH has found itself in a strikingly powerful downtrend. It is now down ~86% from its all time high of $1400, and down over 30% in just the last couple days..

Currently Ethereum is piercing downwards out of a 5 month Trendline/Channel.
As you can clearly see on the chart below, this is the second time we have found the price below the trendline, however ETH has yet to break a daily candle below the level.

Bear Scenario:
IF ETH fails to close the fastly approaching daily above this line, I would expect to continue to correct to the next support around $150

Bull Scenario:
IF somehow ETH is able to succeed in redeeming this trendline, I would expect a correction upwards to at least the $230 region.

It is very upsetting to see this market in such a bearish state.

I hope this analysis was helpful to you all, and I wish you all the best of luck.

Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.

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