Looking at the daily chart $ETH has been forming a massive descending channel which is one of the strongest #bullish signals I have seen in ages, but is it really going to break out now?

Well looking at the chart we see that during this formation several fake-outs has occurred along the way....

Currently on the daily chart the MA5 has not even crossed the MA30 yet, so there is no room to speculate about a fake-out that hasn't even occurred, till this time! Now if the MA5 cross over, to pose as a fake-out, or get rejected... in my opinion it would be inevitable for the price to go down again.

I strongly suspect that the MA5 will get pulled back down towards the MA200 before long. This move will translate in a revisit of prices below $2900. I don't think anything other than very good news would create the parabolic price increase we are all hoping to see.

Considering the massive floor of support Eth has in place I feel fairly sure that #ETHETFS or even just positive news on it will quickly drive prices up.

For now however I am scouting new long entries at prices below $2950. Until then I will implement my bulletproof strategy on Eth to possibility earn some profit while the price dips and recover again

So tell me what is your opinion? Your support and encouragement is much appreciated!