TradeCityPro | THETAUSDT Has the Market Turned Bearish?👋 Welcome to TradeCityPro Channel!
Let’s analyze a day when the market experienced slight corrections, with some coins recording red candles and traders feeling FOMO, moving away from the market. This is the best time to review triggers.
🌟 Bitcoin Overview
As always, let’s start with Bitcoin analysis. In the one-hour timeframe, we are witnessing bearish candles, which are merely rejections of the new ATH. Such corrections are not concerning as they come with reduced volume.
Bitcoin dominance has also been ranging, causing slight corrections across all altcoins. Coins bearish in their Bitcoin pairs have seen more significant declines, while those bullish in their Bitcoin pairs are showing better resilience.
📅 Weekly Timeframe
In the weekly timeframe, THETA is one of the coins that previously had a strong movement. Earlier in 2024, it hit a new high compared to 2023, bouncing back from the 1.028 support level, which gives it a better edge than many other coins.
Recently, after breaking the 1.667 resistance, which was our entry trigger, it has reached the early 2024 resistance level and is now reacting to it. Following the correction and red candles, the declining volume indicates a positive sign for the upward trend.
The RSI is pulling back toward the overbought zone. If the RSI climbs back up from this level, we can anticipate another sharp move.
If you entered with our trigger, it’s reasonable to hold your position for now as you have a solid entry point. For those looking to enter again, either wait for a correction or buy after breaking the 3.136 level with a large stop loss at 1.667. However, this would be a riskier entry.
🌞 Daily Timeframe
In the daily timeframe, after breaking out of the accumulation box between 1.543 and 3.136, THETA has experienced a 100% upward movement, providing an excellent profit opportunity.
Throughout this uptrend, we’ve seen an increase in volume, which has subsequently decreased during corrections. Even when red candles appear, the reduction in volume is a positive signal for the coin’s long-term trajectory.
Based on Fibonacci levels, potential supports are at 2.349, 2.011, and 1.543. After confirmation at any of these levels, long positions can be entered. For continued momentum, breaking the 3.136 level with a stop loss at 2.349 can be considered a riskier option.
⏰ 4-Hour Timeframe
In the four-hour timeframe, the coin is moving within a short-term box between 2.534 and 2.749, accompanied by reduced volume and consolidation. This suggests that a breakout is likely soon.
📈 Long Position Trigger
breaking the 2.749 level could trigger a trade, as the 3.136 breakout is expected to be led by whales. However, if you miss the 2.749 breakout, 3.136 can also serve as an entry.
📉 Short Position Trigger
they are not currently recommended. However, a break below the 2.534 level could offer a risky short setup. Ensure small stop losses and quick profit-taking, as extended downside seems unlikely.
💡 BTC Pair Insight
In the Bitcoin pair, THETA is just starting to show strength. It has recently reached its weekly resistance level and has a long way to go before its ATH. Once it establishes a higher low and breaks the 0.00003042 resistance, it could begin a strong upward movement. Stay patient and avoid FOMO if you’ve missed this move. Many other coins in the channel have not yet triggered their entries.
📝 Final Thoughts
Stay calm, trade wisely, and let's capture the market's best opportunities!
This analysis reflects our opinions and is not financial advice.
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