Trade Recommendation: Theta Token (THETA)
Theta Token (THETA/BTC) is a market that’s ripe for bottom picking. After printing a 2019 high of 0.00005229 on March 19th, the cryptocurrency went into a downward spiral. On June 26th, Theta Token plunged to as low as 0.00000902. At that point, the crypto token lost over 82% of its value from the 2019 top.
Nevertheless, bulls appear to be respecting a key demand area. This is the reason why we’re interested in this market.
Technical analysis shows that THETA/BTC is defending support of 0.000011. We have this view because even though bears breached 0.000011 on June 26th, bulls managed to recover that level on July 17th. The price action tells us that the move below the support is likely to be a false break. We’ll get the confirmation as soon as Theta Token stabilizes above 0.000011.
So far, the market is trading above that demand area. In addition to that, technical indicators favor the bulls. The daily RSI is showing that bullish momentum is on the up and up. Lastly, volume has been anemic. The thin volume is bullish as it suggests that participants are no longer interested in dumping positions at current levels.
The strategy is to buy as close to 0.000011 as possible. As long as Theta Token stays above this level, it will likely rally to our initial target of 0.0000165. Take that out and 0.000022 is next.
The process may take less than a month.
Three-Day Chart of Theta Token/Bitcoin on Binance
Summary of Strategy
Buy: As close to 0.000011 as possible.
Targets: 0.0000165 and 0.000022.
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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