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Theta Dip? A good Investment chance?



After a huge sell-off on Friday, Bitcoin (BTC / USD) traded 8% lower, many coins were deep in the red, and huge sales volumes were seen. Theta Token (THETA / USD) fell over 13%. Investors now see this as an opportunity to buy the dip. However, investors need to be careful as this may not be the end of the sell-off. Numerous coins were traded in the red by more than 10%. Investors need to be aware that they could fall further, so avoid long positions until there is a clear trend reversal.

  • Theta formed a symmetrical triangle and tried to break out several times. After Friday's slump, it looks like theta is now testing the lower trendline.

  • Theta could soon test the lower trendline at $ 5.9. Should theta be able to break out of this zone, there could be an upward breakout in the coming weeks.

  • Investors should be careful not to get in too early as theta could still break out to the downside. Therefore, long positions should not be taken until theta can bounce off the lower trendline.

  • The 50-day and 200-day moving averages are also about to cross each other. As soon as a gold crossover is seen, it could be an indication of an imminent bullish rebound.

  • Investors who want a safer entry can get in as soon as theta crosses the 200-day moving average, which is a bullish sign.

  • A target of $ 7.8 can be set. A target of $ 8.7 could also be reached in the event of a breakout.

  • A stoploss can be set at USD 5.6.

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