THETA analysis – Resistance breakout and trade
We highlight an analysis on THETA, which recently broke through resistance and seems poised to continue to march higher in its uptrend.
You can also watch a video of the analysis and trade.
Trade setup: Trend traders should note a recent bullish break through resistance, which signals potential continued gains for this Strong Uptrend. Price is making new ATH. Swing traders would note that several oscillator indicators (RSI, STOCH) are indicating overbought levels, which could mean a pullback to $8.00 resistance (now support) level is possible. That would create another buying opportunity.
Trend: is in a Strong Uptrend across all time horizons (Short-, Medium- and Long-Term). This textbook uptrend is characterized by a series of Higher Highs and Higher Lows.
Momentum: is bullish (MACD Line is above MACD Signal Line) and so is RSI (>50).
OBV (On Balance Volume): is rising, indicating that volume on Up days exceeds volume on Down days. Hence, demand (buyers) is greater than supply (sellers).
Support and Resistance: . Nearest Support Zone is around $6.00 and the nearest Resistance was at $8.00 but was just broken, hence it now turns into Support.
Disclaimer: This content is for informational purposes only, you should not construe any such information or other material as investment, financial, or other advice. There are risks associated with investing in cryptocurrencies. Loss of principal is possible.