$THETA - SHORT Setup
Entry: 0.2715 – 0.2740 (On a rejection from this resistance confluence)
Target 1:0.2620
Target 2:0.2550
Stop Loss:0.2770 (Above the 24h high and key resistance level)
My View:
THETA is entrenched in a strong downtrend across all major timeframes,with declines of -28.76% (30D) and -60.29% (90D). The price is currently retracing weakly into a supply zone defined by the broken support near 0.2700 and the 24h high at 0.2822. The order book shows a thick Ask wall beginning at 0.2701, indicating immediate selling pressure. Price action shows a clear breakdown from previous consolidation, and the current bounce appears corrective within the larger bearish structure. The strategy is to position for a continuation of the downtrend by entering a short on a confirmed rejection from the defined supply zone, targeting a move towards the yearly lows.
Bias: Bearish below 0.2740. A decisive break and close above 0.2770 would challenge the immediate bearish thesis.
Disclaimer:My plan. Not advice. Trade your own risk.
