THETA/USD Elliott Wave technical analysis [Video]

THETA/USD Elliott Wave technical analysis – Daily chart

• Function: Trend-following.

• Mode: Motive.

• Structure: Impulse.

• Current position: Wave 5.

• Next direction (higher degree): To be monitored.

• Wave cancellation level (invalidation): Not specified.

THETA/USD trading strategy

Following a completed 5-wave downward sequence, THETAUSD is now presenting signs of potential reversal. The key resistance to watch is the $0.75 level. If the price successfully breaks this zone, it could signal a bullish trend reversal.

Trading strategies

• Approach:

• Short-term traders (swing trade):

  • If THETAUSD remains above $0.75, there's a higher probability for an uptrend to begin.

• Risk management:

  • If the price drops below $0.57, this would invalidate the recovery scenario.

THETA/USD Elliott Wave technical analysis – Four-hour chart

• Function: Trend-following.

• Mode: Motive.

• Structure: Impulse.

• Current position: Wave 5.

• Next direction (higher degree): To be monitored.

• Wave cancellation level (invalidation): Not specified.

THETA/USD trading strategy

Following a completed 5-wave downward sequence, THETAUSD is now presenting signs of potential reversal. The key resistance to watch is the $0.75 level. If the price successfully breaks this zone, it could signal a bullish trend reversal.

Trading strategies

• Approach:

• Short-term traders (swing trade):

  • If THETAUSD remains above $0.75, there's a higher probability for an uptrend to begin.

Risk management:

• If the price drops below $0.57, this would invalidate the recovery scenario.

THETA/USD Elliott Wave technical analysis [Video]