}
Hi dear friends, hope you are well and welcome to the new update on Theta and Theta Fuel (TFUEL)
Theta Mainnet 3.0:
The Theta Mainnet 3.0 is scheduled to be released on the 30th of June, therefore Theta and Tuel both can make big moves before this event.
Tfuel breakout of broadening formation:
The price action of Tfuel has broken out the resistance of a broadening formation.
Now we have the price level resistance at $0.46.
Today the price action is also breaking out the $0.46 if the daily closing will be above $0.46 then it can be ideal buying.
The technical target of this pattern is $0.60 however, there is Theta Mainnet 3.0 release expected on 30th of June. Therefore we can expect higher profits.
The previous resistance of this broadening formation can be used as a stop loss and the previous price level support of $0. 40 can also be used for this purpose.
Tfuel and the different SMAs:
The price action of Theta Fuel has also broken out the different simple moving averages on the daily time period chart, like, 25, 50, 100, and 200.
Theta reached the resistance of channel:
The price action of Theta has formed a down channel on a daily time frame.
Within this channel, the price action of Theta first formed a falling wedge and after breaking down the support of the wedge it formed another bullish pennant.
Now the price action is breaking out the resistance of the bullish pennant. If the pennant will be broken out then the price action can easily break out the resistance of the channel as well.
Theta and the different SMAs:
On the daily time frame chart, the price action of Theta has taken a nice bounce from 200 SMA, and now while it is breaking out the bullish pennant at the same time it is also breaking out the 25, 50, and 100 simple moving averages.
Conclusion:
Before the previous event of Theta 2.0 Mainnet launch, the price action of Tfuel produced more than 1200% profit and Theta generated more than 700%. Therefore this time we can expect that Tfuel can produce more gains than Theta.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
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