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THETA bears need to break $6.55 for conviction

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.

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