#ETHUSD Another BEAR TRAP or SELL SIGNAL?

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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.


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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.