THETA Ascending Triangle|Price Action |S/R Flip Retest|200 MA
Evening Traders,
Today’s analysis – THETAUSDT – breaking above Structural S/R with further upside potential, Local S/R , immediate target.
Points to consider,
- Ascending Triangle
- Dynamic Support
- Structural S/R Support
- RSI uptrend
- Declining Volume
THETAUSDT’s immediate price action is bullish resembling the psychology of an ascending triangle. This allows us to have a bullish bias on the market.
The Dynamic Support has held a higher lower projection, breaking structural S/R and flipping it as support currently, S/R Flip Retest.
The RSI has a valid uptrend, this in indicative of strength in the market as overbought conditions are not yet met.
Current volume profile is declining, an influx is likely when price expansion occurs from current trade location, and this will help avoid false breaks.
Overall, in my opinion, THETAUSDT needs price acceptance above Structural S/R before a long is valid with defined risk; price action is to be used upon discretion/ management upon trade.
Hope this analysis helps
Thank you for following my work!
And remember,
“Dangers of watching every tick are twofold: overtrading and increased chances of prematurely liquidating good positions” – Jack Schwager
Today’s analysis – THETAUSDT – breaking above Structural S/R with further upside potential, Local S/R , immediate target.
Points to consider,
- Ascending Triangle
- Dynamic Support
- Structural S/R Support
- RSI uptrend
- Declining Volume
THETAUSDT’s immediate price action is bullish resembling the psychology of an ascending triangle. This allows us to have a bullish bias on the market.
The Dynamic Support has held a higher lower projection, breaking structural S/R and flipping it as support currently, S/R Flip Retest.
The RSI has a valid uptrend, this in indicative of strength in the market as overbought conditions are not yet met.
Current volume profile is declining, an influx is likely when price expansion occurs from current trade location, and this will help avoid false breaks.
Overall, in my opinion, THETAUSDT needs price acceptance above Structural S/R before a long is valid with defined risk; price action is to be used upon discretion/ management upon trade.
Hope this analysis helps
Thank you for following my work!
And remember,
“Dangers of watching every tick are twofold: overtrading and increased chances of prematurely liquidating good positions” – Jack Schwager