THETA presents buying opportunity on a pullback after…
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
In June, Bitcoin posted a low of $17.8k on the charts. In July, Bitcoin followed that development up with a higher low formed at $18.7k.
Over the past month, Bitcoin has continued to set higher lows. Just as importantly, the price also broke the $22k barrier earlier this month.
This broke the bearish market structure in a medium time frame and set up a path for Bitcoin to push higher. Theta Network’s token has traded within a range while Bitcoin moved higher.
However, in the past couple of weeks, THETA showed bullish intent as it rose above the $1.3 mark.
Source: THETA/USDT on TradingView
On the daily timeframe, it was clear that THETA was in a strong bearish trend, especially in April and May. In June and July, the price was able to form an accumulation pattern, a rectangle bottom, between $1.06 and $1.51. The mid-point of this range lay at $1.29.
The range pattern’s highs and lows were respected as resistance and support since mid-May. The mid-point of the range has also acted as crucial resistance on multiple occasions. Therefore, a retest of the mid-range mark could offer a decent buying opportunity targeting $1.5-$1.55.
Source: THETA/USDT on TradingView
On the 4-hour chart, the past few days have seen a wild THETA pump from $1.15 to $1.45, before a quick rejection at the most recent trading session at press time. During this timeframe, THETA had a bullish outlook. It targeted the range highs at $1.5.
It must be remembered that a good chunk of this move has already played out. Yet, profitable trades can still be found for THETA over the next few days. The entire area from
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