Get Ready For Next Shocking Moves Of Theta And TFUEL | Mainnet 3.0
Hey friends, hope you are well, and welcome to the new update on Theta and tfuel.
Theta Mainnet 3.0:
As we know that we have a significant event on the 30th of June that is the release of Theta mainnet 3.0, therefore, the price action of Tfuel is already very bullish and I'm expecting that theta will be turned bullish very soon.
Tfuel re-tests the resistance of broadening formation as support:
If we move to the live daily time frame chart, we come to know that after breaking out the resistance of the broadening formation, this resistance has been turned into the support and the price action is retesting this previous resistance as support.
Therefore, it can be an ideal time to buy Tfuel at this support, and from here, the price action can start the next rally, which can even break out the next price level resistance as well.
The volume:
After placing the volume oscillator, it can be easy to measure the power of buying. 1st the value of the volume oscillator was 30.85 which is very powerful buying volume. Then again, we have the value of buying volume oscillator 36.83, which is more powerful than the previous value of the oscillator.
Now we can notice that the oscillator is moving down, which tells us that bearers are weaker than the bulls, therefore, we can expect a move to the upside after the price action will hit this resistance as support.
Next expected rally of Tfuel:
If we place Fibonacci tool from the recent high to the recent low before this recent rally, then we come to know that the price action almost reached at the level which was Fibonacci extension of 1.618. So this time, if the price action will be reversed bullish from here, then we can expect that it can hit another Fibonacci extension of 1.618, that can be up to $0.935. After reaching the next Fib extension, we can expect another small correction rally then the price action can start this move in the same way.
Theta moved at the support of bullish pennant:
Now let's take a look at Theta. Previously we were expecting that after breaking out the resistance of this bullish pennant, the price action will also break out the resistance of the down channel as well. It can be also observed that the price action also formed a falling wedge as well and broke down the support of the falling wedge, and started the formation of the current bullish pennant. Today, we are having a very weak bearish candlestick. If we take a look at the live daily time frame chart, we come to know that if the price line will be able to break out this resistance of the bullish pennant, then it will be really very easy for the price action to break out the resistance of the down channel as well. The price line is moving in this down-channel since after the 16th of April. Once the price line will be able to get out from this channel, we can expect a very powerful bullish rally. And it can happen before the release of Mainnet 3.0.
Conclusion:
The price action of Tfuel has already turned bullish and hit the 1st target of $0.60 as predicted in the last video. However, In case of a successful re-test of support, the next move can be bigger. The Theta has not been able to break out so far. But as it has reached the end of the bullish pennant, therefore, it is possible that it will break out the resistance very soon.
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