THETAUSDT is getting ready to go burst
This 2W chart reveals many interesting things.
Price action has been boring but very telling: the 1$ mark has been rock solid for the past 6 months. If we're indeed at the end of an ABC correction on the 5th Elliot Wave, then 3 important crosses are bound to happen for a new bullrun to start:
The volume is low but in my opinion, that has more to do with the 1$ resilience which I think prevented capitulation and with the fact that price has been steadily dropping since its last ATH. With that being said, I expect a new ATH to be reached in the next bull market within the 1.618 and 2.618 extensions, being 25$ the first target.
Let's wait and see, but it definitely looks promising.
DYOR. Not advice
Price action has been boring but very telling: the 1$ mark has been rock solid for the past 6 months. If we're indeed at the end of an ABC correction on the 5th Elliot Wave, then 3 important crosses are bound to happen for a new bullrun to start:
- RSI cross with its MA
- MACD cross with its signal. The last cross on June of 2021 sentenced the beginning of the corrective phase. I assume that the opposite cross must indicate the opposite scenario
- Breakthrough of the 1.5$ and resistance. This would be a good entry point, for that would increase significantly the chances of the trendline breakthrough.
The volume is low but in my opinion, that has more to do with the 1$ resilience which I think prevented capitulation and with the fact that price has been steadily dropping since its last ATH. With that being said, I expect a new ATH to be reached in the next bull market within the 1.618 and 2.618 extensions, being 25$ the first target.
Let's wait and see, but it definitely looks promising.
DYOR. Not advice
Note
The 50W MA is a tough resistance, but the 20W MA is a safe support. THETA will break the falling wedge and the first major resistance will be at 2.5$ which is a 130% move. The risk reward ratio is extremely favourable. Note
Rising wedge on the BTC dominance chart.
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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.
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.