THETA - Bullish Or Bearish Patterns 🧐?

THETA

Appears to be copying Bitcoin somewhat in that it has become "corrective" but yet as part of a steady uptrend.

We could look at this as an ascending wedge which is typically known as a bearish pattern.

The textbook will say how the wedge signals weakness to the upside and is typically followed with a break to the downside which is the assertion of the dominant trend.

However the textbooks do not cover crypto and I think we are seeing an interesting anomaly.

And that is that; in ultra bullish phases, the corrections trend up and thus we have bullish ascending channels.

The clue I think is the many lower time frame descending channels within the ascending wedge.

They are bullish patterns.

And the current descending channel is very shallow.

This I think signals that there will be a pump in the pipeline soon enough.

So rather than the textbook; impulsive waves being punctuated by corrective pull backs, what we get instead is ultra impulsive waves punctuated by somewhat slower; steady uptrend.

In the end I think the best way to look at it is that there are multiple tiers of impulse and correction wave.

It doesn't mean that this can't develop into a pull back, but I dont think the ascending wedge is a bearish clue here.

And this may continue on up without much or any pull back at all 🧐.

Day chart: