Theta getting ready for next rallyHey friends, hope you are well, and welcome to the new update on Theta coin.
Previously we have seen that on a 12-hour chart the price action was expected to complete the final leg of bullish BAT.
Now finally the price action completed the leg and so far it has rallied more than 24%.
The SMAs on the daily chart:
O daily chart the price action of Theta broke down the 25 SMA but still moving above 50, 100 and, 200 simple moving averages.
EMAs on the daily chart:
The price action of Theta was likely to break down the EMA 21 on the daily chart after breaking down the exponential moving average 10 but now it again seems to be crossing up the EMA 10.
The bull flag:
On the 12-hour chart a bull flag formation can be clearly seen, which is in fact a wedge pattern. The volume profile of the complete pattern is showing less interest of the traders close to the support. Therefore the break out is possible.
Different support and resistance levels:
On the small time-period 4-hr chart, different support and resistance levels can be seen. After rejection by $2.30 resistance 1st the price action started moving between $2 and $2.30 support and resistance levels. Then the price action of Theta broke down the $2 support and now moving between $1.70 to $2 support and resistance levels. Here the pricline also has good support of 200 simple moving average.
Long-term up channel:
On the long-term weekly chart with Bitcoin pair, the price action of Theta has formed an up-channel, and recently it has started moving up from the support of this channel.
Cup & Handle move:
While taking bounce from the support of the big channel, the price action of Theta coin has also started moving up after the completion of Cup & Handle on the daily chart.
Conclusion:
The price action has formed a bullish reversal Cup & Handle pattern while taking bounce from the support of a big channel. Therefore we can expect a rally to the upside soon.
