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07/05 07:29
Theta Traders Eye Key Breakout at Resistance Level
Theta Traders Eye Key Breakout at Resistance Level
Regarding Theta’s market position, Carter emphasized that the clarity should come first before leaping. According to the chart, Theta has been trading within the major areas of resistance and support over the last 3 or 4 months. It has also come back to the testing of the descending resistance line several times, only to fail in making a breakout.
But as the price is once again near the resistance zone, the traders are keen on an upward surge. A breakout would imply that the trend is at last changing, and thus there is an opportunity to make profits.
There are also some volume profiles hinting at increasing interest near to the price touching the key breakout area. In the meantime, the 50-day moving average lies close to the present price, which serves as a potential launching pad toward the next rise.
Once the price is seen to close decisively above the channel and above the moving average, then it is possible that the bullish momentum will increase. Carter has identified a few price points that the token may hit sequentially as the rally happens.
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