THETA/USD Elliott Wave technical analysis [Video]

Elliott Wave Analysis - TradingLounge Daily Chart,

THETA/ U.S. Dollar (THETAUSD).

THETAUSD Elliott Wave technical analysis

• Function: Counter-trend.

• Mode: Corrective.

• Structure: Zigzag.

• Position: Wave ((C)).

• Next higher degree direction: Wave E of Triangle.

• Wave invalidation level:

Details: THETAUSDT is approaching the final stage of the ABCDE Triangle pattern. If the price successfully breaks the 1.485 USD level, it will indicate a potential uptrend.

THETA/U.S. Dollar (THETAUSD) Trading Strategy

The current strong correction follows an ABC Zigzag Correction structure, forming the E wave of the Triangle. This corrective move is nearing completion and could test the 1.052 USDT support level.

Trading strategies:

• Long Strategy:

  • Buy at 1.052 USDT if a reversal signal appears.

  • Breakout Entry: Buy upon breaking 1.485 USD with increased volume.

• Risk Management:

  • Invalidation Point: Cut losses if the price drops below 0.899 USDT.

Elliott Wave Analysis - TradingLounge H4 Chart,

THETA/ U.S. Dollar (THETAUSD).

THETAUSD Elliott Wave technical analysis

• Function: Counter-trend.

• Mode: Corrective.

• Structure: Zigzag.

• Position: Wave ((C)).

• Next higher degree direction: Wave E of Triangle.

• Wave invalidation level:

Details: THETAUSDT remains near the completion phase of the ABCDE Triangle pattern. If it successfully surpasses 1.485 USD, it will signal a bullish continuation.

THETA/ U.S. Dollar (THETAUSD) Trading Strategy

The strong corrective wave is identified as an ABC Zigzag Correction, forming Wave E of the Triangle. The price seems to be stabilizing around 1.052 USDT before making a potential move.

Trading strategies:

• Long Strategy:

  • Buy on a rebound from 1.052 USDT if a reversal signal emerges.

  • Breakout Entry: Buy after breaking 1.485 USD with high volume confirmation.

• Risk Management:

  • Invalidation Point: Stop loss if the price drops below 0.899 USDT.

TradingLounge analyst: Kittiampon Somboonsod, CEWA.

THETAUSD Elliott Wave technical analysis [Video]