Hello guys. Hope you are having a nice day. Today I have decided to perform an analysis of THETA. Technically, THETA is in a descending wedge in the weekly timeframe, which is USUALLY a bullish sign. The ceiling and floor of the wedge are reliable factors as they have determined the price behavior in a significant fashion in the past. Critical levels are designated in red. One of the major factors that stands out when the chart pops up is the steady volume throughout the last year. The reason why I have chosen MA60 is the fact that the price has been remarkably reactive to it recently. As a trader, I always strive to find the indicators that match the price behavior of an asset. I know MA60 is not a common unit; however, I find it significant due to the reason I just laid out. What I see for THETA is the way up. Not that it is the only possibility, but I think it is highly probable. I always remind myself that nothing is guaranteed, and every decision must follow confirmations. The price may end up below the descending wedge and explore new lower lows, but do I find it likely? TBH, No! However, I have plans set for doomsday as well. You might ask, "Will the price reach a new ATH?" I don't have the answer to that unless I see price behavior near 12. Fundamentally, I find a lot of promise in the project and how it has put itself on the map. Please push the like button if you find the idea of value. If not, I look forward to your helpful comments.
The landscape seems to have changed in the last 8 days but for me the wedge is still in play. Do you see more likely a break up off the wedge or a failed retest of the upper line?
Djawad_Afsharirad
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@carlosfrancosf8, thank you for your comment. TBH, I think everything for now is touch and go. a lot of contradictory signals out on the market to arrive at a robust possibility. I think a firmer judgment call must wait AT LEAST another week. However, I have bought some THETA at 2.9 and I intend to accumulate more in case we get more dips.