Theta sellers stretch recent pullback towards the sub-$7.00 area, currently down 1.0% around $6.95, during early Wednesday. In doing so, the cryptocurrency pair justifies the latest lower high pattern on the four-hour chart while staying below a downward sloping resistance line stretched from this Friday.
Given the normal RSI conditions favoring the extension of the quote’s latest weakness, THETA/USD is well on the road to battle a key support confluence around $6.55, comprising 50-SMA and an ascending support line from March 06.
Not only the $6.55 but a short-term rising support line, currently around $6.25, also challenges the Theta bears.
During the quote’s fresh recovery, clear trading above the $7.000 threshold becomes necessary to confront the weekly resistance line near $7.53.
However, any clear run-up beyond the same hurdle will not only challenge the latest record top around $8.05 but will also push the THETA/USD bulls toward the $10.00 threshold.