Ok so going off my previous post it looks like this is the scenario that will be playing out, It is of course to early to really draw the lower purple trend line but based on how eth normally moves I expect it to play out around that area. The descending channel should bring us to around 1600 giving us another retest of that old resistance that is now support. This is all extremely healthy and much better than just shooting directly up, Also a really good chance to enter long positions on ethereum and friends even if its just short term ones I personally love taking trades at the bottom of these channels as the likely hood that they break up is extremely high. One could also put in a short position right about meow but i personally dont play that game, especially in a bull market