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THETA presents buying opportunity on a pullback after…

Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.

In June, Bitcoin posted a low of $17.8k on the charts. In July, Bitcoin adopted that growth up with a better low fashioned at $18.7k.

Over the previous month, Bitcoin has continued to set greater lows. Just as importantly, the value additionally broke the $22k barrier earlier this month.

This broke the bearish market construction in a medium time-frame and arrange a path for Bitcoin to push greater. Theta Network’s token has traded inside a spread whereas Bitcoin moved greater.

However, previously couple of weeks, THETA confirmed bullish intent because it rose above the $1.3 mark.

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THETA- 1-Day Chart

THETA presents a buying opportunity on a pullback after a strong surge over the past week

Source: THETA/USDT on TradingView

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On the each day timeframe, it was clear that THETA was in a powerful bearish development, particularly in April and May. In June and July, the value was capable of type an accumulation sample, a rectangle backside, between $1.06 and $1.51. The mid-point of this vary lay at $1.29.

The vary sample’s highs and lows have been revered as resistance and help since mid-May. The mid-point of the vary has additionally acted as essential resistance on a number of events. Therefore, a retest of the mid-range mark might provide an honest shopping for alternative focusing on $1.5-$1.55.

THETA- 4-Hour Chart

THETA presents a buying opportunity on a pullback after a strong surge over the past week

Source: THETA/USDT on TradingView

On the 4-hour chart, the previous few days have seen a wild THETA pump from $1.15 to $1.45, earlier than a fast rejection at the newest buying and selling session at press time. During this timeframe, THETA had a bullish outlook. It focused the vary highs at $1.5.

It have to be remembered {that a} good chunk of this transfer has already performed out. Yet, worthwhile trades can nonetheless be discovered for THETA over the subsequent few days. The whole space from $1.35-$1.3 may be anticipated to behave as help.

Therefore, upon a pullback, a comparatively low-risk lengthy commerce may be entered, with a stop-loss beneath the $1.23-$1.25 zone.

THETA presents a buying opportunity on a pullback after a strong surge over the past week

Source: THETA/USDT on TradingView

The shifting averages have been on the verge of forming a bullish crossover. The 21-SMA (orange) was simply beneath the 55-SMA (inexperienced) and climbing on the value chart.

The RSI reached overbought territory as properly when THETA reached resistance at $1.45-$1.5. This compelled a pullback, however the shopping for stress was not but halted.

The CMF was properly above the +0.05 mark to focus on heavy capital movement into the market. The OBV has additionally climbed previously week. It set greater lows alongside the value through the previous three weeks as properly. This discovering confirmed regular demand behind THETA’s rally from the $1 stage.

Conclusion

The quantity indicators confirmed an excellent quantity of shopping for was current behind the sturdy surge greater for THETA.

Momentum additionally continued to favor the bulls. The $1.35-$1.3 zone may be monitored to enter lengthy positions, focusing on a transfer to $1.5.

If Bitcoin can break previous $24.5 and attain the $26k resistance, a transfer as excessive as $1.6 might additionally materialize.

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