Theta token Elliott Wave technical analysis [Video]
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THETAUSD Elliott Wave technical analysis
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Function: Counter-Trend.
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Mode: Corrective.
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Structure: Zigzag.
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Position: Wave C.
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Direction of next higher degree: —
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Wave cancel invalid level: —
THETA is forming a classic a-b-c corrective wave pattern. Wave c appears to have completed at $0.7595. A recovery has started from this level, suggesting a base-building phase. The next significant resistance area lies between $1.00 and $1.15. The structure within wave c has finished five sub-waves, signaling that the rebound is the start of wave ①, potentially initiating a new upward trend.
Key Resistance: $1.00 – $1.15.
If the price breaks and holds above this zone, a stronger uptrend may follow.
Trading Strategies
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Strategy
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For Short-Term Traders (Swing Trade):
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Wait for a breakout above $1.00 – $1.15 and confirmation before entering a Buy position.
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Risk Management
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Key Support: $0.76 (Previous Low)
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A drop below this level suggests the current wave structure is invalid.
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THETAUSD Elliott Wave Technical Analysis
-
Function: Counter-Trend.
-
Mode: Corrective.
-
Structure: Zigzag.
-
Position: Wave C.
-
Direction of next higher degree: —
-
Wave cancel invalid level: —
On the 4-hour timeframe, THETA mirrors the daily chart structure, following an a-b-c correction. Wave c concluded at $0.7595 and the price has started rebounding from this level. Resistance remains at $1.00 to $1.15. The sub-wave structure inside wave c appears complete, implying that wave ① is starting a new bullish cycle.
Key Resistance: $1.00 – $1.15
A confirmed break above could initiate a sustained upward move.
Trading strategies
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Strategy
-
For Short-Term Traders (Swing Trade):
-
Look for a confirmed break above $1.00 – $1.15 to enter a Buy trade.
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-
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Risk management
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Key Support: $0.76.
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A move below this level may invalidate the corrective wave pattern.
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Analyst: Kittiampon Somboonsod, CEWA – TradingLounge.com (Get your trial!).
THETAUSD Elliott Wave technical analysis [Video]
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