ETH in possible new channel?

Updated

I had posted this in a reply to another thread earlier and someone had pointed out that my channel lines werent parallel. After the price action over the last few hours and taking another look, I have made some adjustments to the channel that I think are a closer reflection of what may be playing out. I will be anxious to see if this holds true. Would love to see if anyone else is seeing it come together this way.

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Down to 1130....Let's see if we get my bounce off the channel!

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OK it looks like we are bouncing from 1025 to 1035 right now which keeps the candlestick bodies within the channel. If I am right, we will see this pattern over the next few hours and bounce off the channel at 1040-1045 sometime between 11:00pm and 6:00am CST. Just my best guess. I am a little apprehensive because of the correlation with the other cryptos mainly BTC and LTC. BTC seems to be barely hanging on around 10900 and could slip. Hopefully, ETH breaks the correlation as it sometimes does and isn't taken down with BTC if it goes.

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As I mentioned yesterday, the correlation with BTC is still alive and well. BTC had formed a head and shoulders pattern dropping significantly which has pulled ETH with it. Looking for the ETH bulls push back on this to set things up for ETH to make its next run.

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Bitcoin sure isn't playing nice today!

MCassICT

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