for a month or so now, i've suspected ETH was forming a new bullish channel. top of the channel has yet to be tested/confirmed, but is fast approaching. normally that would be a level where i take profit ($3400-$3500 range), but i'm so bullish on ETH i wouldn't be surprised to see an advance straight up towards the 1.618 extension.
if the channel is confirmed and price bounces back down, smart traders may be looking to short the ETH/BTC pair since ETH would appear to be consolidating/retracing a bit, and BTC still has yet to fully bounce back from the correction. i don't have that kind of time on my hands though. easiest play is long ETH/USD and long ETH/BTC, and call it a day.
if the channel is confirmed and price bounces back down, smart traders may be looking to short the ETH/BTC pair since ETH would appear to be consolidating/retracing a bit, and BTC still has yet to fully bounce back from the correction. i don't have that kind of time on my hands though. easiest play is long ETH/USD and long ETH/BTC, and call it a day.
Comment:
perfect bounce off the top of the channel
