Theta pull back into strong buying areas!!Theta on high time frames has been rejected at higher prices showing there is too much resistance for price to continue higher, suggesting that the asset needs to pullback before it regain any bullish momentum. The last daily orderblock support level $8-9 where we can expect strong support and buyers to step back into the market. We can see after price hit into a top of $14 we sold off in an impulsive 5 wave structure suggesting that the sell of is not yet done with an impulsive c wave to the downside looking likely; we have strong confluence with the ~1.236 extension of A wave sitting at 9$ at the top of the Daily orderblock and the ~1:1 extension sitting at $9.5. A strong quick decline in Theta may bring strong buying opportunities with a strong bounce expected at these level with a wave 4 completion, which will be monitored.
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