Theta Token Reaches Support, Will It Bounce?

We have the Theta Token (THETABTC) altcoin trading pair on screen, let's see what's up.

The low level hit on 22-Jan. 2022 turns out to be the 0.786 Fib. retracement level for the bullish wave starting March 2020, this is a strong support level where bounces and reversal tend to take place.

Now, if you were to look at the weekly chart it is easy to see that there is still plenty of room left for additional correction but now that this Fib. level has been hit, we can look for at least a bounce to show up, this is marked with a blue arrow on the chart.

Seeing that TFUELBTC already went above EMA50, this one is likely to follow.

The light blue rectangles denote support levels.

This one can be good but there are better charts.
Chart setups with less risk and higher potential reward.

This is not financial advice.

Namaste.