THETA forming an ascending triangle pattern, could move higher.THETA/BTC is currently forming an ascending triangle on the 4-hour. Following THETA's big move up on July 16th, it has now entered a bullish ascending triangle continuation pattern. THETA could have another 10-15% jump up based on the measured move of the ascending triangle. We also have a golden cross on the 4-hour MA's (50 MA crossing the 200 MA.) Price is currently retesting the flat line of resistance between 1190-1200, hence the more spread out entry. If price gets rejected here, we could see a pull-back to retest that rising support TL again. If one would rather wait for a break-out/retest of 1190-1200 as new support before entering in (to give a better indication that this wants to rally higher) that makes sense as well. Higher risk given the current market environment.
MA Guide (All 4-hour for this post.)
50 MA in Green.
200 MA in Red.
Entry: 1145-1190.
Target 1: 1250.
Target 2: 1320.
Target 3: 1350.
SL (Tight): 1125-1130
SL (Loose): below the 50/200 4-hour MA's.
-This is not financial advice. Always do your own research and own due-diligence before investing and trading, as for investing and trading comes with high amounts of risk. I am not liable for any incurred losses or financial distress.
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