THETA/USD Elliott Wave Technical Analysis - TradingLounge – 1-Day Chart
THETA/USD (THETAUSD) Elliott Wave Technical Analysis
Function: Trend-following
Mode: Motive
Structure: Impulse
Position: Wave 5
Next Higher Degree Direction: Wave 5 of Impulse
Wave Cancelation Level: Not specified
Analysis Overview:
The ongoing price increase is part of Wave 5, aligning with the impulse structure.
THETA/USD Trading Strategy:
- The current correction follows a Triangle pattern, signaling trend continuation.
- The price is consolidating within a critical support level at $1.899, with an invalidation level at the same point.
- If the price remains above $2.000 and successfully breaches the resistance at $2.533, traders can consider a long position targeting $3.877, with a stop loss placed at $1.899.
Key Market Outlook:
- THETAUSD may continue its uptrend if the price breaks above $2.533, confirming the initiation of Wave (5).
- The potential price target remains at $3.877, while a price drop below $1.899 may signal a shift in the current structure.
THETA/USD Elliott Wave Analysis – TradingLounge 4-Hour Chart
THETA/USD (THETAUSDT) Elliott Wave Technical Analysis
Function: Trend-following
Mode: Motive
Structure: Impulse
Position: Wave 5
Next Higher Degree Direction: Wave 5 of Impulse
Wave Cancelation Level: Not specified
Analysis Overview:
The price movement continues within Wave 5, confirming the ongoing impulse pattern.
THETA/USD Trading Strategy:
- The correction phase follows a Triangle pattern, indicating a continuation of the trend.
- The market remains within the Consolidation Zone, with strong support at $1.899 (wave cancellation level).
- If the price sustains above $2.000 and surpasses the resistance at $2.533, a long trade can be initiated with an upside target of $3.877, and a stop loss at $1.899.
Key Market Outlook:
- A breakout above $2.533 will validate the uptrend continuation towards $3.877 in Wave (5).
- A decline below $1.899 may suggest a reversal and invalidate the current wave structure.
Technical Analyst: Kittiampon Somboonsod
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