Hey, friends hope you are well. In my previous article on Tfuel I posted two charts. One was with US dollar pair and the other was with Bitcoin pair. In both charts, the price action of Theta fuel formed a bullish Gartley pattern on the 4-day chart. If we take a look at the Tfuel with US dollar chart then it has produced 108% profit so for and this trade has been executed successfully as the price action has entered in sell targets zone that I defined as per the Fibonacci sequence of Gartley.
Previous Tfuel with US Dollar pair idea before execution:
Previous Tfuel with US Dollar pair idea after successful execution:
Now if we take a look at the Tfuel with Bitcoin pair’s Gartley move idea then the priceline moved up from the potential reversal zone and after more than 50% rally it is dropped down again in the PRZ level. Therefore this trade is still in progress and hope it will be executed successfully very soon.
Recently the price action broke down the 100 simple moving average support for a while. This moving average is working as a very strong support since May 2020. This was for the first time that the price action broke down this level but soon candlesticks of Tfuel started moving above the 100 simple moving average. Now finally the price action has broken out the 25, 50, and 100 simple moving averages at the same time. We also have the long-term support of 200 simple moving average at a very long distance below the price action.
The different support and resistance levels:
Now if we take a look at the Theta fuel with US dollar pair daily chart again. Then after more than a 108% rally, the price action of Tfuel was moved down again in the potential reversal zone of the Gartley pattern. And after retesting the previous support at $0.008 recently it was moving within $0.01 to $0.008 level. Finally, it has broken out the $0.01 level again. Now it can re-test the previous resistance of one cent as support and move up to the next resistance at $0.013.
Another bullish Gartley move:
Now if we switch to the long-term weekly chart then the price action of the Theta fuel with US Dollar pair has again formed and another very big bullish Gartley pattern and entered in the potential reversal zone. The buying and sell targets as per Fibonacci sequence of the Gartley can be as below:
The priceline of Theta fuel is forming the different harmonic moves with Bitcoin and US Dollar pairs as well. In the meanwhile, we also have a significant event of test net smart contracts expected on 30th September.
This even can be also helpful for Tfuel’s price action to achieve these targets. The price action might hit these sell targets before or after this event. This time the Tfuel has again the potential to produce up to 250% rally.