Today, before the last weekend of the 2018, we will analyze two more instruments – cryptos. First one is the Theta Token, which was previously mentioned here on the 24th of August, during one of the best bull runs on the market. Back in that day, we saw a bullish potential but we also warned you about the potential fake pump and read dump kind of scenario:
“As long as we stay above the 0.09 USD (blue), the sentiment is positive and we should see a further upswing. I am on this market for quite some time and I saw many bullish runs, watch out for that! It can still be the pump&dump kind of a movement, so stay sharp! „
The end of the story for this coin was that they tried to hold high for quite some time. The upswing was not continued but the price did not go down straight away. It took some time for the sellers to gain the control over. Bears had to ask for help to the symmetric triangle pattern (green). On the 14th of November, triangle ended with the breakout to the downside and further breakout of the support on the 0.075 USD (orange).
Look what happened on the end of November. That is a typical pump&dump crypto mechanism. On this kind of instruments, you need to be aware that those things happen. Currently, we are on the long-term lows and it seems that new bottoms should be reached pretty soon and without bigger problems.