THETA enters into downtrend a week before main net release!
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Hello Everyone,
Looking at the 4 hr chart we have officially entered into a downtrend with Theta. It is running inside of a descending triangle and about to breach the lower end of the triangle. It is below all of the moving averages and I have marked the the 200 and 50 day MA (lower yellow lines) which are practically on top of one another. Theta has also retraced into the .0168 Fib and has re-entered into the green support zone. There could be strong buying action inside of this green support area with the release of the Theta main net next weekend and the 1:5 token drop for theta fire, so, I will be watching the levels closely inside of the support range because I am showing a potential buy signal about to trigger on the martin buy/sell indicators (yellow circle). Theta is relatively close to hitting the next fib retracement of 0.5 (0.00791) if it does continue its downward movement. BNB price is running strong and it's not helping to pull Theta up at all so this tells me that we do have significant sell action happening.
The downtrend has emerged do to the formation of lower highs and lower lows. This could just be a simple correction because it has been moving upward since Feb 24th and its. RSI is at 41 which is closer to neutral than oversold, Stochastic is at 11 which is in the oversold range. Currently I remain neutral on this until I see a confirmation either up or down. I am a long trader so I will either wait for confirmation of upward movement, or wait until I see what happens if it drops lower for a better price point.
The red circles on the trend indicator's are also confirming that we have entered into a downtrend which, is another confirmation tool for me to sit on the side lines until we see how far this will actually drop.
Please hit like if you found this information useful or helpful or just to let me know you were here!
Good Luck and Happy Trading,
AWC
**For educational purposes only. This is not meant as trading or buy/sell advice. I truly enjoy technical analysis and sharing my ideas and opinions with others**
Looking at the 4 hr chart we have officially entered into a downtrend with Theta. It is running inside of a descending triangle and about to breach the lower end of the triangle. It is below all of the moving averages and I have marked the the 200 and 50 day MA (lower yellow lines) which are practically on top of one another. Theta has also retraced into the .0168 Fib and has re-entered into the green support zone. There could be strong buying action inside of this green support area with the release of the Theta main net next weekend and the 1:5 token drop for theta fire, so, I will be watching the levels closely inside of the support range because I am showing a potential buy signal about to trigger on the martin buy/sell indicators (yellow circle). Theta is relatively close to hitting the next fib retracement of 0.5 (0.00791) if it does continue its downward movement. BNB price is running strong and it's not helping to pull Theta up at all so this tells me that we do have significant sell action happening.
The downtrend has emerged do to the formation of lower highs and lower lows. This could just be a simple correction because it has been moving upward since Feb 24th and its. RSI is at 41 which is closer to neutral than oversold, Stochastic is at 11 which is in the oversold range. Currently I remain neutral on this until I see a confirmation either up or down. I am a long trader so I will either wait for confirmation of upward movement, or wait until I see what happens if it drops lower for a better price point.
The red circles on the trend indicator's are also confirming that we have entered into a downtrend which, is another confirmation tool for me to sit on the side lines until we see how far this will actually drop.
Please hit like if you found this information useful or helpful or just to let me know you were here!
Good Luck and Happy Trading,
AWC
**For educational purposes only. This is not meant as trading or buy/sell advice. I truly enjoy technical analysis and sharing my ideas and opinions with others**
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