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OPBTC

Breaking Down #OP/USDT Technical AnalysisTechnical Analysis of #OP/USDT: At present, #OP is trading at $2.87, and it has been the highest gainer coin in this bear market. In the last bull market, its price had hit the bottom at $0.63 in October and had received the low of $0.86 in December. However, currently, #OP has hit its all-time high at $3.29, which is approximately 400% up from its bottom area. However, as per the chart, there is a triangle forming in the higher timeframe (HTF) at the top of the chart, which indicates that some retracement can be expected from here. Additionally, in the lower timeframe, a head and shoulders pattern is forming at the top, which is a bearish sign. Therefore, it is important to keep an eye on the following points: If the #OP price breaks the $3.29 level, then we can expect to see a new all-time high. However, the most critical support level is $2.40, which is the neckline support of the head and shoulders pattern. If this level breaks down, there is a high chance that the price will hit $1.69, which is 0.5 Fib Retracement, and a 40% drop from the current level. In summary, the levels to watch are as follows: Support: $2.40/$1.69/$1.37 Resistance: $3.29 If you found this chart helpful, please like, follow, and appreciate it. Thank you.
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by CryptoPatel
6
The newly formed Optimism ecosystemHello? Traders, welcome. If you "Follow", you can always get new information quickly. Please also click "Boost". Have a nice day. ------------------------------------- ------------------------------------------ (OPUSDT 1W Chart) Not long after the chart was created, not much is known. It can be seen that a volume profile section is formed over the 0.919-1.129 section in the short, medium and long term. (1D chart) The current declared price (ATH) has been updated. Buying under these circumstances is unthinkable. Therefore, it is better to wait and see if the price moves down from this rise and converges in some area. It is necessary to check whether it is supported in the 1.917.-2.024 section formed by the HA-High indicator point, or in the 1.583-1.660 section. We need to make sure that the newly formed Optimism ecosystem can continue to expand. Therefore, it is necessary to increase the number of coins (tokens) corresponding to profits while recovering the principal amount of the newly formed coins in the coin ecosystem as much as possible. Otherwise, it is highly likely that you will suffer greatly if you proceed with the transaction by leaving the principal amount as it is. -------------------------------------------------- ------------------------------------------- ** All descriptions are for reference only and do not guarantee profit or loss in investment. ** If you share this chart, you can use the indicators normally. ** The MRHAB-T indicator includes indicators that indicate points of support and resistance. ** Check the formulas for the MS-Signal, HA-Low, and HA-High indicators at (). ** HA SRRC indicators are displayed as StochRSI (line), RSI (columns), and CCI (bgcolor). ** The CCI indicator is displayed in the overbought section (CCI > +100) and oversold section (CCI < -100). (Short-term Stop Loss can be said to be a point where profit or loss can be preserved or additional entry can be made by split trading. This is a short-term investment perspective.) ---------------------------------
by readCrypto
Optimism poised for a 75% draw downTLDR: Lots of well established TA suggests OP takes out the previous lows at 0.41. Analysis I am going to begin with the divergence primer just in case a reader is unfamilar with the divergences and what they mean. Divergence Primer Classic Divergence (Trend Reversal) Bearish: Higher highs on price action but lower highs on the indicator Bullish: Lower lows on price action but higher lows on the indicator Hidden (Trend Continuation) Bearish: Lower high on the price action and higher highs on the indicator Bullish: Higher low on the price action and a lower low on the indicator As the chart shews both OPUSD and OPBTC both have great deal of hidden bearish divergence on the Log MACD (and histogram) as well as the RSI and Stochastic RSI. The Gaussian channel is pretty powerful as support and resistance and generally speaking I get excited to buy beneath a red Gaussian channel or when I see price action powering its way through. Not so much with OP right now, with the hidden bearish divergences. I expect the top of the channel will continue as resistance. Likewise the 100 Daily Moving Average is right above price action and I assume it will continue to act as resistance as well. The volume situation doesn't look good to me either. With price breaking out above the Value Area of the VPVR to create all time highs and coming back in on both OPUSD and OPBTC I think we are going to see more typical behavior and the value area will act as resistance, especially on OPBTC. The On Balance Volume has set virtually equal highs with this current peak and the peak from September. That is a sign of bullish exhaustion. It is also concerning that both the 10 and 20 SMA are below the 100. If the OBV regresses to the mean (the 10 or the 20) then that dip would get me deep into the money. Not all the way to target, but deep enough I can have a fairly profitable stop loss. Here is a similar move on Matic over two years ago where Matic dupped and took out what looked like strong support at the 0 line before rallying up to just above the 0.618 retracement before crashing. From there it went 400x If OP has a similar run then I will be quite pleased. Also, if OP crashes down to about the 0.28c I will go in full accumulation mode and hopefully we will see it run in another year or so. Macro I still think a lot of the equities indices are mostly done with their downside. I also like a lot of the "OG" crypto currency coins like XMR, Dash, XPR, BCH and I think a lot of the nu-crypto coins that were the top runners of 2021 are going to crash at bit more before going into long consolidation. That is a lot of moving parts for me to hopefully get right.
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by This_Guhy
1