Theta is another great project in the crypto market that has grown significantly. The impulse wave is followed by a corrective wave which seems finished at the 0.5 Fibonacci retracement. Now, Theta is trying to break the first downtrend line. Also, Fibonacci time analysis suggests the end of this corrective wave is near. let's see what happens.
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Theta Fuel (TFUEL) is one of the native token on the Theta blockchain. Technically, TFUEL mirror THETA's price move albeit its upward movement is done with bigger steps and bigger gain. So, if you are a theta fan, keep an eye on TFUEL chart too.
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If you have followed recent crypto market changes, you would have seen that many altcoins have started a new impulse/upward wave. Theta is one of those coins with high trading volume that has not yet started its new upward wave. So keep an eye on this one.
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Unlike Theta, Theta Fuel (TFUEL) has started its new upward wave which could be a harbinger of what Theta might do soon.
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So, Theta went up and broke two major downtrend lines. Currently, Theta is making correction above the second line, and soon it will continue its upward movements. Let's see what happens.
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So, Theta went up very well, and approaching a horizontal resistance area. Let's see how Theta reacts to this area.
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So, Theta couldn't break the horizontal resistance area and went into correction. It seems that correction is unfolding in a descending inverted wedge pattern. Let's see when Theta breaks this pattern upward.
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So, Theta broke the descending inverted wedge pattern. Let's see what happens.
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So, Theta didn't have enough momentum to continue its upward move. Thus, the correction went down much further to gain momentum. Now, Theta has broken the correction downtrend line and is going up. Let's see what happens.
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So, Theta went down and revisited the previous low, making a double bottom. Also, it seems a harmonic pattern has formed, and recently, Theta broke the right leg's downtrend line. In the case of a harmonic pattern, the first target is the local low, which is the first horizontal resistance area. Let's see what happens.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.