Just a quick one with Ethereum today - it's been trending in an upward channel for some time now, 4 months or so, hitting the high (resistance) line and deflecting to the low (support) line, and back again!
It's currently sat rock bottom on the "Support" line - a great time to open a Long trade, right? Maybe, maybe not. No one could blame you for wanting to go Long here, the odds seem to in your favour; but after a big pump of around 4 months of sustained growth it might just break that support, and if support is broken, down she falls!
We could be looking at lows back at $186 if a break down out of the channel occurs, THIS would represent a cracking time to enter a Long position! Or, (we think more likely) the price will continue within the current channel, possibly not hitting the high end as that would be breaking all kinds of previous resistance!
We're currently going for a Long up to $270-$280 (you watch the price plummet now! :) ), followed a decline in price, to where is still up for speculation!
Most importantly, you should be enjoying your trading, if you're not, you are doing it wrong!
All the best,