$THETA broke out of 3 weeks consolidation, what now?
Theta coin has made an impulsive move to the upside and broke out of its 24 days long consolidation between 11 and 13.5, and it's currently retesting the breakout as new support. This is healthy price action and provides us with an objective entry anticipating more upside. It is also supported by a few indicators.
Pros:
- Broke out of consolidation box between 11 and 13.5, now bouncing as support.
- 4hrs bullish divergence. Price made high low when RSI made a lower low.
- It's currently making a bullish wedge after a successful breakout.
Cons:
- Could be a false breakout, with volume significantly decreasing afterward.
- We haven't confirmed the breakout of this bullish wedge yet.
Entries:
- Aggressive buyers could choose to enter now between 12.8 - 13.8.
- Conservative buyers should enter as the price breaks the falling wedge at 13.8.
- The trade is a 3.2 R/R trade indicated on the graph.
Personal PT: 16.51 / 17.48 / 20.28 (unlikely in short term)
Personal SL: 11.8
If you find this helpful please give a thumbs-up and good luck trading!
Pros:
- Broke out of consolidation box between 11 and 13.5, now bouncing as support.
- 4hrs bullish divergence. Price made high low when RSI made a lower low.
- It's currently making a bullish wedge after a successful breakout.
Cons:
- Could be a false breakout, with volume significantly decreasing afterward.
- We haven't confirmed the breakout of this bullish wedge yet.
Entries:
- Aggressive buyers could choose to enter now between 12.8 - 13.8.
- Conservative buyers should enter as the price breaks the falling wedge at 13.8.
- The trade is a 3.2 R/R trade indicated on the graph.
Personal PT: 16.51 / 17.48 / 20.28 (unlikely in short term)
Personal SL: 11.8
If you find this helpful please give a thumbs-up and good luck trading!
ملاحظة
Welp looks like we're being rejected at resistance. Let's see how this develops!ملاحظة
Stopped out at 11.8, gonna find a new buying opportunity !
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إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.