The price on Theta's chart is near the key level of $5.7. Additionally, there is a squeeze near this key level, which is a signal for a breakout and rise. If the price breaks through 5.7, this would be a good opportunity to enter the position. But it might make a spike downwards and collect stop losses before going upwards, therefore it is safer to enter after a break-down and retest of the key level as support.
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P.S. I personally will open entry if the price will show it according to my strategy. Always make your analysis before a trade