Crypto Banter
  • ABOUT
  • CRYPTO SCHOOL
  • LIVE STREAMS
Chart of the day Theta

The only bullish altcoin chart in crypto today?

Since the last update on the Theta Token, the crypto market has come down considerably. Theta though has shown a nice recovery in the last few days, and with the airdrop of the T-Drop Token for Theta Stackers due on 1 February, we could see some further upside in the next couple of days.

Sheldon The Sniper by Sheldon The Sniper
January 27, 2022
in Signals & Trades
Share on TwitterWhatsappShare on Facebook

Chart of the Day: Update on THETA/USDT (Short Term)

Since the last update on the Theta Token, the crypto market has come down considerably. Theta though has shown a nice recovery in the last few days, and with the airdrop of the T-Drop Token for Theta Stackers due on 1 February, we could see some further upside in the next couple of days.

Theta dropped to a low of $2.27 on 24 January, and has currently recovered to $3.00. A break and retest of the $3.00 resistance looks like an opportunity for a trade. This obviously depends on Bitcoin holding its price.

Looking at the 1 Hour Chart, we can see that Theta has formed an inverted head and shoulders pattern. If this pattern plays out, the target will be around the $3.60 area. This is measured by taking the height of the inverted head between $2.27 and $2.94, which equals $0.67. If you add that amount to $2.94, then that gets the price to around $3.60.

A second way to measure the target, would be to take the Fibonacci tool, and measure the 0.618 retracement level between the high of $4.66 on 20 January 2022, and the low of $2.27 on 24 January 2022. The 0.618 line is at exactly $3.74.

In summary, with a break and retest of the $3.00 support line, a short-term target for Theta will be between $3.60 and $3.74. With the airdrop five days away, Theta could have some upside in the next couple of days.

Tags: Theta Network (THETA)
Sheldon The Sniper

Sheldon The Sniper

Crypto Trader, TA Analyst,Educator: Daily Market updates & key educational tips No financial advice! I won’t ask for money.

  • Home
  • Live Stream
  • Community
  • Crypto School
  • Banter Capital
  • Crypto Banter
  • Our Ethics
  • Work with Us
  • Terms of Service
  • Privacy Policy
© 2022 Crypto Banter.
All Rights Reserved.
Sniper Trading School
Crypto School

© 2022 Crypto Banter. All Rights Reserved.

  • Home
  • Live Stream
  • Community
  • Crypto School
  • Banter Capital
  • Crypto Banter
  • Our Ethics
  • Work with Us
  • Terms Services
  • Privacy Policy

© 2022 Crypto Banter. All Rights Reserved.