Theta Looking Heavy — 20% Drop Incoming?
The current 2-day candle is attempting to covere the previous 2-day candle, known as a dark cloud cover.
If it does by close of the candle tonight, it's a fairly bearish formation suggesting the chart would still technically benefit longer-term with a further price drop. Touching around 55 cents would confirm the previous resistance level as support.
So a 20% drop from today's price is more than reasonable as per the current price action.
- Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
If it does by close of the candle tonight, it's a fairly bearish formation suggesting the chart would still technically benefit longer-term with a further price drop. Touching around 55 cents would confirm the previous resistance level as support.
So a 20% drop from today's price is more than reasonable as per the current price action.
- Note: SparksterSignals (including our technical analysis and our algorithmic backtested signals) are not provided as financial advice.
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