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The Theta price has increased by 42 percent over the past six days. A daily close above 1400 satoshis would likely indicate that we are heading towards the next resistance area at 1800 satoshis.

The upward move began on December 14, when the price was trading near 4000 satoshis. At the time of writing, it was trading inside the resistance area at 1400 satoshis.

Full-time trader @LomahCrypto suggested that the Theta price is moving out of its trading range. If it closes above 1300 satoshis, he stated that he will add to the current position.

$THETA

I've been faked out by this damn coin 3 or 4 times now but I have a feeling once it does run, it's gonna explode.

Moving its way out of the accumulation range.

Weekly Close above 1300 and I'll be adding on to this position if we dip. pic.twitter.com/Fv0DZuvsly

— Loma (@LomahCrypto) December 15, 2019

Will Theta continue its upward movement? If so, how high will it increase? Continue reading below if you want to find out.

In June 2019, the Theta price reached a low near 900 satoshis. This was an all-time low — slightly below the prices in February and August 2018.

After a period of four months of consolidation combined with a bullish divergence in the RSI, the Theta price began the current upward movement.

Additionally, after making a bullish cross, the weekly MACD is in the process of crossing above the 0 line. The previous time this occurred, in January 2019, an upward move with a magnitude of 260 percent transpired over the next two months.

Since reaching the aforementioned low in July, the Theta price has been trading inside a range between 900 and 1400 satoshis. While the tweet outlines 1300 satoshi as the resistance area, we think 1400 fits better since it acted as support in May and resistance afterward in August. At the time of writing, the price was trading inside this resistance area.

An interesting development is a fact that the Theta price has moved above the 100- and 200-day moving averages (MA). The latter holds significance since it rejected the price thrice in November and December. The MAs will possibly make a bullish cross in the upcoming weeks.

The next resistance area is found at 1800 satoshis. If the Theta price were to flip the current resistance as support, it would likely create a trading range between 1400 and 1800 satoshis.

The Theta price was following an ascending support line since December 1. On December 10, it bounced on the support line and created another, much steeper ascending support line. This does not seem sustainable in the long-run.

Additionally, there is solid bearish divergence developing. While Theta could increase further, since it is difficult to pinpoint the top of an upward move, the price has shown some weakness, is inside a resistance area, and is following an unsustainable increase rate.

Therefore, while both outcomes are possible, we are leaning towards a return to the 900-1400 satoshi trading range.

To conclude, the Theta price has been trading inside a range of 900-1400 satoshis since June. It is currently making an attempt at a breakout. While we think a Theta price decrease inside the range is more likely, it is not so by much. The move above the 200-day MA makes us believe that it will soon be successful in breaking out above the resistance area.

The post Is Theta Breaking out From Its Trading Range? [Premium Analysis] appeared first on BeInCrypto.

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