THETAUSDT Descending Broadening Wedge| 200 MA| .618 Fibonacci|PA

٢٢ سبتمبر ٢٠٢٠

Evening Traders,
Today’s analysis – THETAUSDT – trading in a descending broadening wedge, confirmation on a break of dynamic resistance,

Points to consider,
- Trend bullish (consecutive higher lows)
- Support confluence
o 200 MA
o Local S/R
o .618 Fibonacci
- Dynamic Resistance
- Oscillator Equilibrium
- Declining Volume

THETAUSDT’s immediate trend is bullish; the market structure is constructing consecutive higher highs and higher lows with ATH in target. This allows us to have a bullish bias on the market.

The immediate support has multiple technical confluences, the .618 Fibonacci, 200MA and local S/R. Price has a greater probability of respecting this area upon first test as this is a true trade location,

The Dynamic resistance is a key level to break as this will confirm a descending broadening wedge pattern.

These are inherently bullish.

The volume profile is currently below average thus an influx is likely. It is important to monitor for increasing volume as this typical indicated price expansion.
Overall, in my opinion, THEATAUSDT is a valid long with defined risk, price action is to be used upon discretion/ managemrnt of trade.

Hope this analysis helps.

Thank you for following my work!

And remember,
“Genuine acceptance that there will be losses on your way to market success will greatly decrease the hurt when they eventually come.”