Theta has had a great 2020 and experienced its biggest dollar term break-out in mid-December 2020. Bitcoin is currently recovering after a big pullback, all eyes are on grandpa. Theta is finding itself in a descending triangle, for a short period the price broke down all the way to the distribution level of the previous descending triangle. The price quickly come back and continued with establishing support around the 1.7USD level that previously held, forming the symmetrical shape. Bitcoin is currently forming an H&S pattern on the 4H, Theta with the rest of the alts are thus taking a breath-holder.
In the breakdown scenario, the yellow box territory of the previous distribution is my buy zone. The bottom of the box is around the .382 fib level (established since the breakout in Dec 2020). Volume has been on a steady decline since the ATH at 2.5 USD, the current level is a bit worrisome, indicating a violent move in either direction. Based on the longer timeframe trend I do see the possibility of a clean breakout from this level before testing down to the yellow box. The first price target is the 1.618 fib level at 3.7 USD.
I am generally bullish on the project. Releasing its Mainnet 3.0 during Q1 this year 2021. Introducing staking and burning of TFuel.
In the breakdown scenario, the yellow box territory of the previous distribution is my buy zone. The bottom of the box is around the .382 fib level (established since the breakout in Dec 2020). Volume has been on a steady decline since the ATH at 2.5 USD, the current level is a bit worrisome, indicating a violent move in either direction. Based on the longer timeframe trend I do see the possibility of a clean breakout from this level before testing down to the yellow box. The first price target is the 1.618 fib level at 3.7 USD.
I am generally bullish on the project. Releasing its Mainnet 3.0 during Q1 this year 2021. Introducing staking and burning of TFuel.