Theta/BNB rallied for a 21% Profit.

BINANCE:THETABNB   Theta Token / Binance Coin
Hello Everyone,

This is an update to my last idea which is attached below. After watching the trends I decided to make an entry at the areas in green circles which were labeled possible entry point forming on my last Theta/BNB chart. This was an accurate label which is where I entered. Theta just currently shot up for a nice little quick flip rally giving a 21% profit. Exit position labeled in red.

The overall mood on the 4 hr chart is currently still in a red down trend so I have already put in for my next position which is roughly around 0.00900. I will adjust accordingly if needed but, I currently like .0900 for a long position because it has been trending back to this area and lower, on average, after rallies. Prior to February 24th it liked this area as well. The current 24 hr low was .00863 so we shall see!

The trend is still favoring you short traders.

Long Positions are not advisable at this time, in my opinion, unless the bulls are able to take over. This appears to be a rally and the bears are still very much in control based on my trend indicators. It is riding above the upper bollinger band with the supporting volume , however volume at the time of riding this is starting to fizzle out, but not by much. Theta is also currently above all of the moving averages.

RSI is at 71, Stochastic is at 87 which are both on the overbought side of the line.

This rally could be because of the news building up to the main net release on March 16th and, the 1:5 token drop of Theta Fuel that's being supported by the exchanges. I say this because Theta just RAPIDLY powered through the major resistance area AND the upper descending triangle with the next target a long way away at the 1.618 fib.

At this point I have closed my previous position and have re-entered. As of now I will go back on the sidelines and wait for my next play.
Please hit like if you found this information useful or helpful!

Good Luck and Happy Trading!

**For educational purposes only, this is not meant for any buy/sell advice.** I truly enjoy technical analysis and sharing my thoughts/ideas with others!
Trade active: My last entry of 0.0900 is still live at this time. The rally is on its way back down (21% drop) and we are getting closer to retracing back to the 0.786 fib and my personal target. At the rate Theta is coming back down I am pretty optimistic that I will be satisfied with an entry at 0.0940 - 0.0900 possibly even below. Currently it is hovering near the lower end of the major resistance zone of 0.0148.

Theta is currently below most all of the MA's with the exception of the 200 MA. RSI is neutral at 47 and the stochastic is 34 which, is basically at the over sold side of the line. Overall volume has dropped off as well.

On the 4 hr chart it appears like we might be setting up for another upward rally because my trend indicator has signaled the sentiment change, a stop loss change from a short to a long position has occurred as well. We are dead center in the bollinger bands with average volatility. With that being said, Binance is about to do maintenance and the airdrop snap shot has been completed so, there may be a nice little dip happening in the next few days from people dumping after the airdrop and,lack of trade volume from the 8 hour no trading maintenance. If you have access to Theta on other exchanges this could be a very good time to load up.

On all other charts that are 1 hour and below, the downtrend has re-signaled but..... this could again just be a temporary dip. Remember, at this time the 4 hr chart and longer is showing me the potential for another rally up. This does not mean it is going to happen immediately but, within the next upcoming days. Theta has about a 10 day average for every rally. Time will tell and I will see what direction the market is showing me and adjust my position accordingly.

Keep an eye on it let's see what happens. Don't forget to do your research as well. These are simply the ideas and thoughts that I am currently using for my trading strategy. If you have found any of this helpful don't forget to hit that like button. :-)

Good Luck and Happy Trading!

**For educational purposes only, this is not meant for any buy/sell advice.** I truly enjoy technical analysis and sharing my thoughts/ideas with others!
Comment: Correction: At the time of writing the last update, Theta was at the lower end of the major resistance zone of 0.01048. NOT 0.0148.
Trade closed: target reached: This trade has been successful, my target was reached. At this point I will wait for the next rally up to profit taking. Until then, I will sit on the sidelines and wait for my next exit point. If prices continue at this value I will grab more and dollar cost average.

Good luck!


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