Despite the clear downtrend, it looks like THETA/USD is searching to push higher. If it can break out of the downtrend, there will be a solid long entry.
As you can see Weekly XRP has the same rounding pattern as with the 2H Theta chart
From an elliot wave standpoint as swell we see a termination of a complex wxy correction with X formed as a triangle(altho a bit deformed for theta due to binance scam wicks)
If we are correct we should see bottoming of price for XRP in 6-8 weeks followed by a impulse rally to take...
Many would have been bitten by Theta and Theta Fuel buying in late and getting destroyed by the dump.
As the dust clears is there a potential entry opportunity presenting?
We've now tested this support several times, question is, further retrace to meet the 200 SMA or will it turn around and head North.
Few % below current would have me interested.
Keep an eye...
Short term trade, relief rally from the 0.618 retracing to the 0.5 of the move down.
ENTRY: 0.246
STOPS: 0.194
1st TARGET: 0.413 - Take 60% off here, move stops to break even and enjoy the free ride on the house ;)
Never Trust. Verify.
DYOR. Not Financial Advice Just an Observation.
Always remember: technical analysis is not about being right, it's about...
Theta continues to trail down as those that were hanging in for a miracle begrudgingly take their medicine and exit.
Question is, when will it come back?
Those interested will be watching for a break from the trend or support coming in from those waiting on a decent entry position.
(Cautious on any entry's here as some might be waiting for their chance to exit...
BINANCE:THETAUSD
FTX:THETABEARUSD
Theta had a huge parabolic move of about 1,400% in the last 75 days, from about $0.04 USD to about $0.60 USD. And now, a big correction started two days ago.
The correction does not seems to be over, we had an initial down move, which I will call Wave (a), which clearly tracks 5 waves to the downside, and now it seems like...
Hopefully those who had positions in Theta managed to sell the top (or close to it)
If they did, are they now looking for a re-entry or have they moved onto the next option?
I wouldn't be in any hurry to jump in but strange pumps seems to be the norm in the current environment.
I'd prefer to see it closer to the 50/200 SMA so further retrace required.
Keep an...
