- THETA coin shows the 50-and-200day EMA are on the verge of giving a death crossover
- The THETA/BTC pair was trading at 0.0001264 BTC with a gain of 2.88%
- The 24hr trading volume of the THETA coin is 5.76 Billion
On 20th September, the THETA coin experienced intense selling pressure, displaying a long red candle. This candle showed a more than 15% drop in its intraday session and also gave a closing below the crucial support of $5.25. Thus, it offers an excellent short opportunity for Crypto traders, provided the candle manages to sustain below this level.
Concerning the EMAs. The THETA coin’s recent price reversal has made it challenging to trade signals correctly from the EMA’s as they are drawn too close together. Thus, to avoid confusion and identify the primary trend within the coin, THETA traders can limit EMA between 50 and 200 EMA. Moreover, the coin chart shows the 50-and-200 EMA can soon offer a death crossover, attracting even more sellers in this coin.
The RSI at 37(BEARISH) has shown a significant drop in its value concerning the coin’s price action, suggesting the bears have taken charge now.
The THETA Coin Crypto Chart In The 4hr Time Frame
In this lower time frame, the THETA coin shows wavering movement below $5.25, trying to obtain proper resistance from it. This retest phase will help the traders to validate if the breakdown is genuine or not. Moreover, theTHETA trades can plot the traditional pivot level in their chart, which shows remarkable confluence with the SR level of this chart, providing more confirmation in one’s trading.
The Moving average convergence divergence (MACD) indicator the MACD and signal lines are moving below the neutral zone, indicating bearish momentum in this coin.
Conclusion: From the technical perspective, the THETA coin shows a strong bearish outlook in its price action and indicators, providing a great scenario to look for short entries. Thus, as mentioned above, if the price sustains below $5.25, the THETA trader can expect a target around the $3.8 mark.
Support– $6.5
traditional pivot level
Resistance- $5.25