THETAUSD Price Analysis – July 17
A bearish breakout at the support level of $3.37 in the THETA market is envisaged, in case the bears increase their pressure, $3.37 price level may be reached but a pullback is inevitable in a trending market.
Resistance levels: $5.30, $7.21, $10.28
Support levels: $3.37, $2.0, $1.0
THETA/USD Long-term Trend: Bearish
THETA/USD price is on the bearish movement in the Long-term outlook. THETA reached a high of $10.28 on June 04. Further increase in price was opposed by the Bears. Strong bearish candles were produced at the level and the price declined to reach the support level of $5.3 after penetrating downside the barrier at $7.21. The price retraced towards the dynamic resistance levels. The Bulls were not able to break up the just mentioned level and the Bears gained more pressure to break down the support level of $5.30.
The 9 period EMA has crossed the 21 periods EMA downside, and the THETA is trading below the two EMAs; that is the bears are dominating the THETA market. The relative strength index period 14 is at oversold levels with the signal line bending up to indicate buy signal. A bearish breakout at the support level of $3.37 in the THETA market is envisaged, in case the bears increase their pressure, $3.37 price level may be reached but a pullback is inevitable in a trending market.
THETA/USD Short-term Trend: Bearish
THETA is bearish on the medium-term outlook. THETA tested the resistance level of $10.28 on May 09, the coin consolidated for few days before the bears prevailed. The coin returned to face the south direction, descending towards the demand level of $5.30.
The 9-day EMA has crossed the 21 periods EMA downside as a bearish sign and the THETA price is trading below the two EMAs which indicates a bearish movement. The relative strength period 14 is below 40 levels with the signal line bending up at the level which connotes buy signal.