I've mentioned elsewhere the prospects for Theta and how it seems to be leading the recovery in the major alts, at least the ones I'm watching, so I thought I should share here.
As seen in the daily chart above, Theta has formed a very nice right shoulder to a potential Inverse Head & Shoulders pattern. The neckline is at $6.75, which is within spitting distance from here, and a break to the upside of this line of resistance projects a rally to $10, back into the double digit valuation.
The corrective structure can be seen to be completed in Wave Counts, and there is a nice bullish engulfing bar at the bottom signaling a trend reversal.
With head height in the RSI and lots of space for the MACD to extend, things are looking decidedly bullish for THETA.
Will we see $10 and higher soon?
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A break and then re-test of the neckline, confirming it as support. That's a nice sign of strength to continue the run higher.