REP/USD in a descending channel will it break up or down??

Currently REP/USD is in a descending channel .

What is a Descending Channel:

It is when you have a downward trend with parallel lines showing Higher-Lows & Lower-Lows.

If the channel breaks down sharply, we will have a continuation of the trend and see further downside.

If the channel breaks sharply up, we will have a reversal of the trend and see greater upside.

It has broken down out of it's rising Trend-Line that it has held since late October which is bearish .

But currently it is has confluence with the "Long Term Support-line" as well as it has found support from the 100EMA.

The green box is where I would like to see a bounce, if it breaks there I expect continuation.

A convincing bounce here would be a good sign and I would look to take an entry with a break of the topside of the channel & 9EMA.

Things to note:

1) Alt coins such as REP are subject to Bitcoin volatility , and tight stop losses should be used if you enter a trade and volatility increases on Bitcoin .
2) None of this is trading advice and is strictly an expression of my opinion.
3) Monitor volume to gauge the strength of a move, if we break up or down, look at the volume to see how strong of a move it is.
4) At the moment i'm neutral on the trade and am waiting for further signal to buy a breakout of trend. I will update trade when I can if anything changes on my bias.

Lastly, please give me a like and or follow, and a follow on twitter if you like my post!

Nov 14
Comment: REP is currently sideways at support, i'm going to start DCAing small amounts with expectations that this thing is going to bounce.

I would enter in larger amounts with a break of the top of the channel.
Nov 15
Comment: It was a little premature to start DCAing in I realized, I only bought really small amounts.

However descending channel is still in play.

With the looming idea of BTC dumping, i'm waiting for a confirmation break of the top of the channel before buying anymore.

We have lost the 9EMA & 21EMA as support. As well as the long-term support line.

I'm targeting past support (green line) for a bounce and a break of the descending channel.
Nov 15
Comment: Here's the chart slightly updated.
Nov 15
Nov 16
Comment: REP regained 100EMA & 9EMA, currently testing top of the descending channel & 100MA as well as the Long Term Support Line.

If it can break here that would be the play we have been looking for. Decent amount of resistance ahead.

Nov 16
Comment: We have our first test of breaking the Descending Channel.

Nov 17
Comment: Clear break of descending channel, it appears we have found the bottom of this move.

The break coincides with a bounce of the 100EMA.

As you can see on the chart here the 100EMA is very relevant still, as well as the 9EMA which we're looking to reclaim in this candle.

See Daily chart.

The only thing not convincing is the volume on this break. Breaking this down into shorter time frame to elaborate.

The long term support line had an S/R flip, also coinciding with the reclaiming of 100EMA.

We're looking at the 100MA as well as the red resistance box to break next for a bigger move to the upside.

If you want to play this conservatively, wait until we break 100MA convincingly for a buy, and sell at the top of resistance. Roughly 10% gains.


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