Theta LONG -- BIG PUMP coming soon
THETA has leveled off and slowed seller volume around .786 fib level. We are seeing a potential cup form over the last 4 weeks which gives weight of a strong formation. Current forming a pennant off the bottomed .786 level. If pennant breaks then we could sell at .27 for easy profit. If pennant breaks then look to see bounce around .21.
Could see it test .21 sat (Current risk to reward ratio of 7% : 20% )
Sell order could be put in at .27 which is the 200 day moving average (We've seen Theta work off MAs and could be a potential pattern)
-This would give us the 20% reward
MACD shows us a strong up trend.
I have Theta as a long term hold. If it can come back to ATH of a month ago that's 123% profit long.
Weekly Frame gives us a spinning top close (good sign of reversal)
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