Theta Elliott Wave technical analysis [Video]
|THETA/USD – Elliott Wave technical analysis
Function: Following the trend.
Mode: Motive.
Structure: Impulse.
Position: Wave 3.
Direction next higher degrees: -
Wave cancel invalid level: -
THETA/USD trading strategy
In early April, THETA established a strong base by completing wave 5 and starting a fresh uptrend with wave 1. Since then, the price entered a consolidation phase in wave 2, retracing to test the 61.8% Fibonacci support level. It rebounded sharply from this area, signaling a possible beginning of a strong wave 3.
- Upon confirmation of a reversal above $0.74 with increased volume, traders may consider opening long positions aiming for wave 3.
- Wave cancelation (invalid level): If the price drops below $0.60, the wave structure would be invalid.
Trading strategies:
Strategy
- For short-term traders (swing trade): Wait for confirmation of a breakout above $0.74 before entering long positions.
Risk management
- Place stop-loss orders below $0.60 to manage risk if the bullish scenario fails.
THETA/USD – Elliott Wave technical analysis
Function: Following the trend.
Mode: Motive.
Structure: Impulse.
Position: Wave 3.
Direction next higher degrees: -
Wave cancel invalid level: -
THETA/USD trading strategy
During early April, THETA formed a significant base by finalizing wave 5, launching a new uptrend with wave 1. The asset has been consolidating within wave 2, recently dipping to the 61.8% Fibonacci retracement before surging upwards, suggesting the early stages of wave 3.
- Traders should look to go long if a reversal above $0.74 is confirmed along with volume increases.
- Wave cancelation (invalid level): A decline under $0.60 would invalidate the current wave setup.
Trading strategies:
Strategy
- For short-term traders (swing trade): Enter long trades only after a confirmed break above $0.74 with strong volume.
Risk management
- Close positions if price falls below $0.60, as this would invalidate the bullish wave structure.
THETA/USD – Elliott Wave technical analysis [Video]
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