Theta has finally broken its resistance and I see a lot of upside for the rest of the year, maybe into Q1 next year. I am looking to take profit at about $40 and if/when I see some consolidation patterns I will double up at major fib levels with some of the margin I create in the move.
Quick look at technicals We are above the SMAs on this break out and the MACD is positive and above the signal line, and both are above zero. Also, the 9 seasons rainbow shows we have established a base and afterwards have established a clear uptrend.
On a higher time frame the volatility indicators suggest we are in a uptrend and we have broken above the 20SMA.
On the 4 hour we can see that the price action has retested the resistance line as support. It may need to retest further but the lower time frame volatility is likewise favoring a uptrend.
Trade Management I am keeping my stop where it is for now until it seems that the chop around finding support on previous resistance is done then I will move my stop loos to guaranteed profit while I let this run. I do expect more chop around each fib level as we move up but I have a good entry for what I feel is a good RRR on a long shot.
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More chop as theta finds support on previous resistance.