Another bull run for THETA, another retracement
Crazy last couple days for Theta token!
It smashed through a few ATHs with very little resistance, and, well, it looked SCARY. Looking at its previous moves, and at what other coins do my logic screamed it HAD to retrace. My FOMO made me buy some at the semi-high. Ouch.
So here's some Fib levels. It clearly retraces back to .382, to around $12.8, where it has the strongest support so far. This is a healthy retracement, that I wouldn't be too worried about. I can see the possible H&S pattern unfold in the next day or two, AND it MAY decide to go back down more and test the 0.5. An hourly RSI looks like it can dip more before a period of sideways consolidation.
It smashed through a few ATHs with very little resistance, and, well, it looked SCARY. Looking at its previous moves, and at what other coins do my logic screamed it HAD to retrace. My FOMO made me buy some at the semi-high. Ouch.
So here's some Fib levels. It clearly retraces back to .382, to around $12.8, where it has the strongest support so far. This is a healthy retracement, that I wouldn't be too worried about. I can see the possible H&S pattern unfold in the next day or two, AND it MAY decide to go back down more and test the 0.5. An hourly RSI looks like it can dip more before a period of sideways consolidation.
Heading toward .618, and I definitely can't call .618 a strong support area, though it got rejected a few times.
I would not be surprised to see a price of $10 again in the coming days.