Technical analysis by SiDec about Symbol THETA: Buy recommendation (7/25/2024)

We’ve had an interesting move with a retracement to the Fibonacci 0.618 level and it looks like a head and shoulders pattern is forming.Fibonacci Retracement: The price has retraced from the entire wave down to the 0.618 Fibonacci level.Head and Shoulders Pattern: A head and shoulders pattern seems to be forming, which could lead to a significant price movement if it plays out.Long Trade Setup:Entry Points:Immediate Entry: Consider entering a long position now at the current price level.Confirmed Entry: Alternatively, wait for a break above the right shoulder and confirm with volume before entering a long trade.Potential Gain:Target: If the head and shoulders pattern plays out, we could see a +50% move towards the 0.618 Fibonacci level again.Volume Monitoring:Confirmation: Watch the volume closely to confirm a real breakout before making the trade.Ready to catch the Theta wave? Let’s see if we can ride this setup to some serious gains!