THETA long term analysis, Bullish Momentum to continue, 20$+
Theta is in a strong bullish trend, as seen in previous posts when THETA was priced around 65 cents, long term price action reflected strong accumulation which we are now seeing being priced in; although theta has had enormous gains in previous months, the bull trend is not yet over and likely to continue. We are seeing a large wave 3 playing out after we hit a MACRO wave 2 bottom at $0.20 last year in JULY, the wave 3 continues to be extremely extended with some strong fib targets; such as 1.618 of MACRO wave 1 lying at $17.6 and if we can rise above that level we can expect to surpass $20 towards the next significant fib level at $24 as per chart.
If we zoom into some more recent price action we can see we are creating an extended 5th wave of the MACRO 3rd wave, and recent price action has created a triangle structure which we can expect to be a wave 4 proceeding a move higher. Given the strong buying pressure and parabolic nature of the chart it is plausible that an extended wave could occur taking us past first fib target of 17.6$; notably it is important to be careful and take profit as we move higher given the extended nature of the asset and the possibility of strong volatility as we move towards a wave 3 top of the internal 5th wave.
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If we zoom into some more recent price action we can see we are creating an extended 5th wave of the MACRO 3rd wave, and recent price action has created a triangle structure which we can expect to be a wave 4 proceeding a move higher. Given the strong buying pressure and parabolic nature of the chart it is plausible that an extended wave could occur taking us past first fib target of 17.6$; notably it is important to be careful and take profit as we move higher given the extended nature of the asset and the possibility of strong volatility as we move towards a wave 3 top of the internal 5th wave.
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