/* custom css */
.td_uid_7_5da2e940d084f_rand {
min-height: 0;
}
/* custom css */
.td_uid_8_5da2e940d09f0_rand {
vertical-align: baseline;
}
Theta is bullish in the short-term, with the cryptocurrency rising to its highest trading level since July 2018
The move higher was triggered by bullish fundamental news
The medium-term outlook for Theta is bullish, with price breaking out from a falling wedge pattern
Theta / USD Short-term price analysis
Theta has turned bullish over the short-term, following a strong upside breakout above the cryptocurrencies December 2018 trading high.
The THETA / USD pair has continued to soar since breaking the December trading high, with the cryptocurrency now approaching strong technical resistance from the June 18th swing-high and also the July 26th trading high.
Key technical support to the downside is currently located at the cryptocurrencies 20-period moving average, with technical indicators on the four-hour time frame starting to appear overstretched.
THETA / USD H4 Chart (Source: TradingView)
Pattern Watch
No clear bullish pattern is visible over the short-term, although we can see the invalidation of a head and shoulders pattern on the four-hour time frame.
MACD Indicator
The MACD indicator on the mentioned time frame remains bullish, although the MACD histogram is attempting to move lower.
Relative Strength Indicator
The RSI Indicator on the four-hour time frame has moved into overbought territory on the mentioned time frame, which may be a sign that the recent rally is becoming overstretched.
Theta / USD Medium-term price analysis
Theta is bullish over medium-term, with the cryptocurrency breaking out from a well-defined falling wedge pattern on the daily time frame. It is also worth noting that THETA / USD has broken above its key 200-day moving average.
Falling wedge patterns warn traders that a reversal of the prevailing trend may occur; this is exactly what we have seen from the bullish breakout above the upper trendline.
Technical indicators on the daily time frame are starting to show that the THETA / USD pair is becoming overstretched, with both the RSI and Stochastic indicators moving into extremely overbought territory.
THETA / USD Daily Chart (Source: TradingView)
Pattern Watch
If bulls can start to rally the cryptocurrency towards the June 2018 trading high, we could start to see the formation of a bullish inverted head and shoulders pattern.
RSI Indicator
The Relative Strength Index on the daily time frame has moved into overbought territory, typically any price movements above 70 marks overbought conditions.
Stochastic Indicator
The Stochastic indicator on the daily time frame has also moved into overbought territory, which could signal a possible pullback in the THETA / USD pair.
Conclusion
Theta has turned bullish over the short and medium-term following a strong upside breakout from a falling wedge pattern on the daily time frame.
Traders should look for possible upside exhaustion around the key swing-highs from June and July of last year; we are also seeing technical indicators moving into extremely overbought territory on the daily time frame.
Key technical support to the downside is found at the cryptocurrency’s 20-period moving average on the four-hour time frame and also its key 200-day moving average.
Theta Network Chart
Chart byCryptoCompare #ccpw-ticker-28855 .ccc-chart-header { background: #1c71ff} #ccpw-ticker-28855 #ccc-chart-block .exportBtnTop, #ccpw-ticker-28855 a.tabperiods.tabperiods_active, #ccpw-ticker-28855 .coin_details { color: #1c71ff; background: rgba(28,113,255,0.15); } #ccpw-ticker-28855 .coin_details { border: 1px solid rgba(28,113,255,0.16); } .ccpw-container_chart #ccpw-ticker-28855 .coin-container:after, .ccpw-container_four #ccpw-ticker-28855 .coin-container:after {border-color:#ccc !Important;}
Decentral Media, Inc., the publisher of Crypto Briefing, is not an investment advisor and does not offer or provide investment advice or other financial advice. Nothing on this website constitutes, or should be relied on as, investment advice or financial advice of any kind. Specifically, none of the information on this website constitutes, or should be relied on as, a suggestion, offer, or other solicitation to engage in, or refrain from engaging in, any purchase, sale, or any other any investment-related activity with respect to any transaction. You should never make an investment decision on an investment based solely on the information on our website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an investment.
Comments