Trade Recommendation: Theta Token
Theta Token (THETA/BTC) is a market that looks ready to pump. That’s because it has been in an accumulation period for over five months. It started on August 14, 2018 when it plummeted to as low as 0.00000982. At that point, Theta Token looked like it had more room to drop. However, the market was able to rally and establish support of 0.0000108 on August 22.
With a short-term bottom in place, Theta Token bounced to the range high of 0.00001799 on August 24. After that, the market entered a long consolidation period until November 30 when it skyrocketed to 0.00003695. Theta Token has been pulling back since and this is giving us the chance to buy on dips.
Technical analysis shows that THETA/BTC is generating a bullish higher low setup at 0.000012. This view comes as the market refuses to go below this level for over a month now. The price action tells us that bulls are establishing a new support to help the market trend higher.
During this one-month period, the market has repeatedly attempted take out the range midpoint of 0.0000144. While every attempt has failed so far, we believe that bears won’t be able to stop the next move up. That’s because the 50 MA, 100 MA, and the 200 MA are all acting as support on the 12-hour chart. Think of them as an escalator that will push the price up.
The strategy is to buy on dips as close to 0.000012 as possible. As long as Theta Token stays above this level, it will likely rally to the range high of 0.000018. Take that out and the next target is 0.000021.
The process may take less than a month.
Daily Chart of Theta Token/Bitcoin on Binance
As of this writing, the Theta Token/Bitcoin pair is trading at 0.00001432 on Binance.
Summary of Strategy
Buy: As close to 0.000012 as possible.
Targets: 0.000018 and 0.000021.
Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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