THETA - Bulls Took Over! Target => 🎯Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
Weekly: Left Chart
THETA rejected a strong demand zone and round number 1.0 so we will be looking for buy setups on lower timeframes.
Daily: Right Chart
on DAILY: THETA formed a valid inverse head and shoulders and the bulls took over after a momentum candle close above the gray neckline.
🎯 Targets => Our first resistance / target would be around 2.5 so I will be monitoring price action there.
If we break it upward (purple projection) then a movement till 4.0 would be expected.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
THETAUSDT trade ideas
THETAUSDT AB=CDAB=CD
The AB=CD pattern is easy to identify on charts and consists of 2 equivalent price legs. It has specific Fibonacci measurements of each point within its structure, eliminating room for flexible interpretation. The C point must retrace to either a 0.618 or 0.786 and the BC projection is either 1.27 or 1.618. When the BC projection and the AB=CD completion converge closely and define a small area, the chance of a reversal increases.
The first target would be the 382 retracement of AD and the second target the 618 retracement of AD. A common stop level is behind a structure level beyond the D point. Conservative traders may look for additional confirmation before entering a trade, for instance an aligning RSI value or a specific candlestick pointing at a reversal. TradingView has a smart ABCD Pattern drawing tool that allows users to visually identify this pattern on a chart. There are several variations, based on CD being an extension of AB such as the 1.27 AB=CD or the 1.618 AB=CD pattern.
THETAUSDT | NEAR RESISTANCETHETAUSDT has trading near the resistance zone. The same zone seems the double top zone formation. The bears candles formation near the top will confirm the price action rejection from resistance zone.
The bulls need to break above the resistance zone. While bulls are in control below the resistance zone.
Trade your levels accordingly.
THETAUSDT is testing the resistanceThe price is testing the 4h resistance after a range between 4h structures
The price created a false breakout from the range, usually, it's not a good sign for the continuation
How to approach it?
If the price is going to have a clear breakout from the resistance and retest as new support, According to Plancton's strategy , we can set a nice order
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Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
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Follow the Shrimp 🦐