THETAUSDT - The attempt to change the trend is doomed to success

THETAUSDT is forming another resistance retest and in fact it can be considered an attempt to change the bearish trend. The chance of success is quite high as several key patterns are forming.

On the high timeframe, the coin finds a clear bottom and the triple touch pattern confirms the area. But the price still has a long way to go for a trend change, as breaking the local downside resistance is still not enough, THETA must overcome the 1.717 area to confirm a definitive trend change.
On D1, a descending wedge is forming on the background of the bearish channel, the breakout of which forms a rally to the trend resistance, where a pre-breakout consolidation in the format of an ascending triangle is turning. The strength of this consolidation is enough to break the resistance area and the level of 1.190, which will confirm the breakout and may form an impulse to 1.337 and 1.700.
SMAs are forming an interesting signal.

Support levels: 0.982
Resistance levels: trend resistance, pattern resistance, 1.190.

I expect a breakout of the above zone with the subsequent formation of an upward impulse.

Regards R. Linda!

Kommentar:

A resistance retest is being formed. A pullback or consolidation between 1.2 and 1.1 is possible. Most likely, on the background of further retest of the figure's resistance, the price may break it and start active growth

Trade geschlossen: Ziel wurde erreicht:

Target 1 reached!