Ethereum Bearish Channel in place?

COINBASE:ETHUSD   Ethereum / U.S. Dollar
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If the current high stands its ground, the pair might have provided us with a nice framework within which we can trade down south. Positions should only be liquidated after price has hit either the bottom channel line or the one above it.These are the two lines that have the ability to force deep retracements as price seeks to form a new sustainable channel within which it can freely move. Hope this little helps.
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