THETA / BTC technical analysis [BINANCE]
THETA seen from the temporality of 1W we can see how the previous candle has closed below the trend resistance and the horizontal, this for the moment is a great signal to sell, however, we should wait for confirmation with the current candle that for the moment is confirming a close downward movement, the candle after testing the resistance has fallen to form so far what is known as a gravestone doji, this type of candle is formed when prices can no longer maintain a high level so the downward trend continues its decline.
Through the fibonacci tool I have taken out the lower level of demand, I have pointed it out within a grey rectangle, the price could reach that target located within the price range of 336 - 102 or could find support above, the fibonacci is a reliable tool, however, it does not detect diagonal supports.
THETA seen from the temporality of 1D we can see how the current candle is forming the gravestone doji, as I mentioned earlier, this type of candle indicates a bearish movement.
The dominance of BTC continues to maintain its bullish movement, everything seems to indicate that it will not stop until it reaches the ITZ point marked within the chart with a gray rectangle. The dominance of the BTC is something to take into account in our technical analysis since the ALTS market is highly influenced by its movement, which is why I include it in the analysis.
In conclusion, THETA is showing a great signal of sale with the current daily candle after testing the double resistance and fall abruptly, therefore, one would expect a bearish movement for this week, while the dominance of the BTC continues to rise, THETA will continue to fall even more, the possible area where you could find demand from the bulls is indicated in the first image above.
As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.
In this blog I will be publishing my technical analyses made to different cryptocurrency.
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