Technical Indicator Suggest A Bearish Move For THETA Price

The weekly technical chart of THETA shows a bullish momentum. On coming to the daily chart's shorter time frame, THETA price has formed a corrective Elliot wave formation. According to the Elliot wave pattern, the price can test the level up to 11.72.THETA price is above 20 and 50 Moving average. The 20 MA(Red) line is at $8.72, making it temporary support for the coin. Resistance for the coin on going upside is at $14. While on the downside, the coin can see a bounceback from 11.There is a formation of the accumulation zone on the 4-hour chart. If the price goes above the zone, then a new high can be formed.THETA/BTC pair is currently performing negatively but can see a bounceback in a couple of trading session.
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