THETA TOKEN: Is the dip over?
In this chart I slightly repositioned the FIB retracement to reflect the recent upward movement (started on Mar 20), and to see where the recent dip lies within that.
Theta is recovering beautifully so far in between .5 and .318 fib levels, better than most other coins, I'd say.
I've noticed from the past charts, that Theta often does the opposite of what other coins do. The market goes down, Theta goes up, and wise versa. But it's still important to understand that when our boy Beethoven is making big moves, the rest follow. And while I personally did not expect a dip as wild as this one was, I also overlooked the importance of the news about postponement of Mainnet 3.0 to the end of June.
Here in the chart I applied a generous 16-weeks EMA, and together with the recent dip it looks quite organic and healthy. All in all, all the vitals are good; and unless something crazy happens, I personally do no expect it to go back to the $10 area.
The 4 hour chart looks bullish, with a clear bullish pennant and a consolidation precisely in the middle.
The 1 day chart paints a slightly different picture (so far) with a doji candle (still green though), and an overbought RSI of 82. But when did that stop Theta?
Not a financial advise: While this consolidation looks just like the ones that happened before, preceding the previous rapid upward moves, we may not be out of the water just yet. I'd be on a lookout for rapid pushes through the .318 fib level over the next 2 days, to confirm Theta's intention to go up.
Theta is recovering beautifully so far in between .5 and .318 fib levels, better than most other coins, I'd say.
I've noticed from the past charts, that Theta often does the opposite of what other coins do. The market goes down, Theta goes up, and wise versa. But it's still important to understand that when our boy Beethoven is making big moves, the rest follow. And while I personally did not expect a dip as wild as this one was, I also overlooked the importance of the news about postponement of Mainnet 3.0 to the end of June.
Here in the chart I applied a generous 16-weeks EMA, and together with the recent dip it looks quite organic and healthy. All in all, all the vitals are good; and unless something crazy happens, I personally do no expect it to go back to the $10 area.
The 4 hour chart looks bullish, with a clear bullish pennant and a consolidation precisely in the middle.
The 1 day chart paints a slightly different picture (so far) with a doji candle (still green though), and an overbought RSI of 82. But when did that stop Theta?
Not a financial advise: While this consolidation looks just like the ones that happened before, preceding the previous rapid upward moves, we may not be out of the water just yet. I'd be on a lookout for rapid pushes through the .318 fib level over the next 2 days, to confirm Theta's intention to go up.
Feragatname
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