#ETHUSD Another BEAR TRAP or SELL SIGNAL?
Updated
I am grateful to all of you for supporting my work recently. OUR COMMUNITY IS GROWING.
I am grateful to every tradingview author who are working day and night to make these charts to help the community and the new followers for following me.
Let's grow together.
NOW COMING TO THIS CHART:
There's a lot of information in the chart so please observe.
The fractals show that whenever these kind of sell offs occurred we witnessed an upward rally. Take it as a bear Trap.
ETH fell into our green support area where long bids were filled.
In this chart ETH is holding the channel support so far.
The BTC pair chart for ETH also looks bullish (another reason for not being so bearish on USD pair).
85D EMA acting as a resistance so far.
CAUTION for longs:
AS LONG AS THE ETH holds the $200 Level I firmly believe It will reach 228or even $240 and the start some correction.
$200 ALSO HAPPENS TO BE A PSYCHOLOGICAL SUPPORT LEVEL.
The whole chart shows a RISING WEDGE Channel which is bearish in nature so need to be cautious.
CONCLUSION: We are LONG with two Stop losses at $198 and $191.
SUPPORT LEVELS:
200D MA : 203.50
Green horizontal support lines: $180 and $192.
If you like this idea please hit the like button and share your views in the comment section.
A request to my new followers please follow me on twitter and you'll find the link to my telegram channel go and join for quick updates on BTC overall market, educational contents altcoin setups all for free. On twitter and telegram channel I share quick updates while markets fluctuates.
Stay safe
#PEACE
I am grateful to every tradingview author who are working day and night to make these charts to help the community and the new followers for following me.
Let's grow together.
NOW COMING TO THIS CHART:
There's a lot of information in the chart so please observe.
The fractals show that whenever these kind of sell offs occurred we witnessed an upward rally. Take it as a bear Trap.
ETH fell into our green support area where long bids were filled.
In this chart ETH is holding the channel support so far.
The BTC pair chart for ETH also looks bullish (another reason for not being so bearish on USD pair).
85D EMA acting as a resistance so far.
CAUTION for longs:
AS LONG AS THE ETH holds the $200 Level I firmly believe It will reach 228or even $240 and the start some correction.
$200 ALSO HAPPENS TO BE A PSYCHOLOGICAL SUPPORT LEVEL.
The whole chart shows a RISING WEDGE Channel which is bearish in nature so need to be cautious.
CONCLUSION: We are LONG with two Stop losses at $198 and $191.
SUPPORT LEVELS:
200D MA : 203.50
Green horizontal support lines: $180 and $192.
If you like this idea please hit the like button and share your views in the comment section.
A request to my new followers please follow me on twitter and you'll find the link to my telegram channel go and join for quick updates on BTC overall market, educational contents altcoin setups all for free. On twitter and telegram channel I share quick updates while markets fluctuates.
Stay safe
#PEACE
Comment
So far we are holding the channel support. No changes in the plan yet.Trade active
Reached the first SL around $198 (50% Position closed) and now I'll wait for further confirmations. Will soon update a chart.Order cancelled
Manually closed at $192. Looks bearish in the macro TF. I'll update a new chart tommorow.
Free Telegram Daily Futures signals:- telegram.me/thecryptorphic
Signup & get Upto $15000 USDT bonus & Trade with me in our Premium Discord for free:-
bit.ly/15000USDTBonus
Join My ELITE CLUB:- bit.ly/Join_elite
Signup & get Upto $15000 USDT bonus & Trade with me in our Premium Discord for free:-
bit.ly/15000USDTBonus
Join My ELITE CLUB:- bit.ly/Join_elite
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.