Understanding the channel trading strategy.
Updated
After Ascending wedge breakout and channel formation. Etherium slowly gaining momentum went to the top of the channel. You saw it bounce off of the resistance line three times (triple top sell signal) and then make a sharp dive to the bottom of the channel. Once it reached the bottom of the channel and reversed, you saw it turn around sharply and then make a small pull back again. At the pull back is the point where you would reenter the market, since then it's just gone up and then sort of fizzled out. I think what you want to see here is a bounce off the bottom of the Channel with the slight pull back, then two green candles -On the 15 minit chart- then buy back in. One of the reasons for the fizzle is the extreme trading activity in Bitcoin, but you'll notice that it once again has hit the bottom of the channel and we are waiting for it to turn around. Now as long as this bottom of the channel at around 433 stays above the pull back bottom of 422, I think we're still in a long position. If however it breaks out of the bottom of the channel and starts going from the purple to beyond, I would look for a 30 to 50 Point correction starting at 422.
Note
Lock closely you can see the triple bottom before the direction changes and heads toward the top of the channel
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