THETA/BTC printed bearish divergence. Watch for .5 fib retest.THETA/BTC has printed bearish divergence on the 4-hour RSI as shown by the light-blue line. We can see as the price moved higher, the RSI moved lower, and now we are seeing the price start to reflect that bearish divergence and decline. THETA/BTC has failed to sustain buying above the .618 fib level. I expect THETA/BTC to retest the .5 fib level around 1390. We have the 4-hour EMA's (50, 100, and 200) which will act in conjunction with the .5 fib level as support. If the .5 fib level is able to hold, we could see THETA/BTC make a move to back to the .618 around 1490, if not higher to the .786 around 1625, or the 1 fib level around 1800. I will note there is a chance some of the EMA's could creep up above the .5 fib level and act as support before the .5 fib level does, so take that into consideration.
Area's of interest for entry:
.5 fib level around 1390 or along one of the EMA's (50 EMA in green, 100 EMA in yellow, and 200 EMA in red.)
Target area's following entry:
Target 1: 1490 (.618 fib level.)
Target 2: 1625 (.786 fib level.)
Target 3: 1800 (1 fib level.)
Stop-loss following entry:
1350-1370
--This is not financial advice. Always do your own research and come to your own conclusions before buying/investing, as investing in cryptocurrencies comes with high risk and high amounts of volatility.
