THETABTC is in a falling wedge since March of last year. It has broken off the top of the wedge on 24 December and has just touched the top of the structure. I'm betting that this is a retest and that it will reverse upwards from here. Points in favor of this trade:
- The falling wedge structure is solid.
- We are retesting the downward trendline after breaking it.
- We are at the support line of 754 Satoshis which has historic significance.
Points Against:
- No RSI divergence. We need to see a lower low in price with a higher low in RSI.
- We haven't seen a reversal candle yet.
- No clear indicator on where to place the stop loss.
I would place the stop loss at 20% below the support line because crypto... For the record, this is not good enough of a reason.
Trade carefully and good luck.
Oh and also, I have NO IDEA what Theta is. This is only a technical trade. No fundamentals involved.
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