Theta is coming down pretty hard bouncing around. An awesome crypto to be trading right now. It is touching my trend lines too, which lets me know of their accuracy and correlation to an overall trend. As you can see we have formed a head and shoulders on the 15 minute.
In technical analysis, a head and shoulders pattern describes a specific chart formation that predicts a bullish-to-bearish trend reversal. The head and shoulders pattern is believed to be one of the most reliable trend reversal patterns. It is one of several top patterns that signal, with varying degrees of accuracy, that an upward trend is nearing its end.
What Does A Head And Shoulders Pattern Tell You? A head and shoulders pattern is comprised of three component parts:
After long bullish trends, the price rises to a peak and subsequently declines to form a trough. The price rises again to form a second high substantially above the initial peak and declines again. The price rises a third time, but only to the level of the first peak, before declining once more.
The first and third peaks are shoulders, and the second peak forms the head. The line connecting the first and second troughs is called the neckline.
Very choppy market, guaranteed you will lose money unless you are a long term holder and bought before it rallied, all indicators show it's massive overbought. No matter how strong fundamentals are, gotta wait for bitcoin, gold, dxy and current situation to see how it unfolds, hacks, bitmex, covid-19, possible second wave measures, stimulous delays until election, end of year tax season, futures' manipulation to liquidate as many suckers as possible. One scam wick after another. There are better longers and shorters out there, theta just isn't one of them.