Posts

๐Ÿ“ˆ Daily TA: Theta Network (THETA/USD) | 18-12-2021

avatar of @cryptospa
25
cryptospa
@cryptospa
ยท
ยท
0 views
ยท
2 min read

Hodl, dear members of LeoFinance!

Today, I would like to comment on the price chart of Theta Network.

So, in the daily chart (1D), THETA/USD has formed a bearish Moving Average Crossover: As can be seen from the chart, the 30-day Moving Average (MA 30) has dropped below the 90-day Moving Average (MA 90), and below the 360-day Moving Average (MA 360). MA 90 has dropped below MA 360. So, there is even a bearish distribution of the three key MAs - MA 30 is at the bottom, in the middle is MA 90, and at the top is MA 360. This is a clear bearish signal. Some traders will even consider it as a trend reversal signal hinting at a potential deeper correction.

In my view, even if the bullish sentiment returns to the market, in the best scenario, THETA/USD will form a broad range (sideways movement) in the short and mid-term.

However, if we look at the daily chart (1D) from another perspective, we can see a potential trend (uptrend) continuation pattern - THETA/USD has formed a Descending Triangle or a sequence of two triangles: Theoretically, this triangle is a trend continuation pattern. And, before the triangle, there was an uptrend. So, if the price exits the triangle in the upward direction, the uptrend may resume. But, at the moment, unfortunately, the price is approaching the lower line of the triangle, or the support line. That's why at the moment it seems that the bears are stronger than the bulls.

To be continued ...

As of the time of writing, one THETA costs $4,09 on the Binance crypto exchange, according to TradingView.

A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 15+ years, and as a cryptocurrency analyst for the last 4 and a half years.

Important!

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.

Check @crypto-guides to learn about the essentials of the major cryptocurrencies.

Join the crypto exchange Binance: https://www.binance.com/en/register?ref=28017531 Join the crypto exchange Bittrex: https://bittrex.com/Account/Register?referralCode=3GB-QAJ-BMW

Posted Using LeoFinance Beta