The past few hours have been hard to read because of EEA3, resulting in a spike and then GDAX crash. I'm looking to hold the bottom of this channel. Every hour it holds makes me more confident the channel will hold to ~300, though I think it will be a bouncy ride because people have been waiting to buy in for a while. I'll be looking to sell bit by bit if we fall out of the channel, and then wait for another bottom. No idea where that would be other than maybe a retest of 130, but that sounds a little crazy for me. I think there's good buying power still at 150 and if I see anything that looks like a bounce there I'll be likely to enter long.
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I'm also thinking that the channel resistance could be lower because the EEA3 spike can definitely be considered an anomaly. The first two peaks stitch together a more modest line that kisses later peaks and cuts below the EEA3 spike. I'm still long on either of those.
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See successor here:
