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Optimism / BTC

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OPBTC trade ideas

Optimism Short-Term 100% Target (Great Risk-Reward-Ratio)➖ Optimism has been dropping since, well, since inception. It produced a strong bounce for the first time in July 2024. The bounce led to a lower low in early August and after mid-August the action moved back above the July 2024 low. This law is clearly marked on the chart. This a short-term chart setup. ➢ As long as OPBTC trades above this level, the July 2024 low, it has growth potential. The chart becomes bullish. If the action moves below, it turns bearish. ➢ This setup can be traded with a very tight stop-loss. It would be something like 8% risk, with 100% or more for potential reward. Low risk vs a high potential for reward. Great RRR. Namaste.
Long
by MasterAnanda
2
OP/BTC - Optimism: Failure Swing◳◱ On the $OP/ CRYPTOCAP:BTC chart, the Failure Swing pattern suggests indications that the trend may be gaining or losing strength. Traders might observe resistance around 0.00004557 | 0.00005564 | 0.00007365 and support near 0.00002756 | 0.00001962 | 0.00000161. Entering trades at 0.00003833 could be strategic, aiming for the next resistance level. ◰◲ General info : ▣ Name: Optimism ▣ Rank: 48 ▣ Exchanges: Binance, Hitbtc ▣ Category/Sector: Infrastructure - Scaling ▣ Overview: None ◰◲ Technical Metrics : ▣ Mrkt Price: 0.00003833 ₿ ▣ 24HVol: 23.988 ₿ ▣ 24H Chng: 7.578% ▣ 7-Days Chng: 6.60% ▣ 1-Month Chng: -27.34% ▣ 3-Months Chng: -16.44% ◲◰ Pivot Points - Levels : ◥ Resistance: 0.00004557 | 0.00005564 | 0.00007365 ◢ Support: 0.00002756 | 0.00001962 | 0.00000161 ◱◳ Indicators recommendation : ▣ Oscillators: SELL ▣ Moving Averages: BUY ◰◲ Technical Indicators Summary : NEUTRAL ◲◰ Sharpe Ratios : ▣ Last 30D: -2.95 ▣ Last 90D: -0.57 ▣ Last 1-Y: 0.45 ▣ Last 3-Y: 0.65 ◲◰ Volatility : ▣ Last 30D: 1.19 ▣ Last 90D: 1.00 ▣ Last 1-Y: 1.01 ▣ Last 3-Y: 1.36 ◳◰ Market Sentiment Index : ▣ News sentiment score is N/A ▣ Twitter sentiment score is N/A ▣ Reddit sentiment score is 0.67 - Bullish ▣ In-depth OPBTC technical analysis on Tradingview TA page ▣ What do you think of this analysis? Share your insights and let's discuss in the comments below. Your like, follow and support would be greatly appreciated! ◲ Disclaimer Please note that the information and publications provided are for informational purposes only and should not be construed as financial, investment, trading, or any other type of advice or recommendation. We encourage you to conduct your own research and consult with a qualified professional before making any financial decisions. The use of the information provided is solely at your own risk. ▣ Welcome to the home of charting big: TradingView Benefit from a ton of financial analysis features, instruments and data. Have a look around, and if you do choose to go with an upgraded plan, you'll get up to $30. Discover it here - affiliate link -
by Crypto2AF
✳️ Optimism | Trading Altcoins vs Bitcoin (145% Growth PotentialAfter wave 3 peaked late December 2023, a classic retrace followed... Notice that the retrace low was hit early January and while Bitcoin moves ahead, OPBTC consolidates. Are you ready for another one? I am hoping you are having a wonderful day. The Altcoins vs Bitcoin pairs tend to correct when Bitcoin moves up, this dynamic is no longer valid; What changed? The truth is that it doesn't matter what changed. The fact that the ALTSBTC pairs are bullish is great news. When we buy these pairs, we can profit 2X. ➖ One from Bitcoin's growth. ➖ Another from the pair itself. ✔️ Say you bought 1 BTC at 20,000 and Bitcoin goes up to 50,000. That's awesome, you have 1 BTC now worth 50,000 but still just one BTC. ✔️ Say you bought 1 BTC at 20,000 and use it to buy ALTSBTC and these grow 300%. That's amazing, now you have 4 BTC worth 200,000 and that's the beauty of the ALTSBTC pairs. But these can be tricky though, make sure to do your own research. Here Optimism (OPBTC) is trading daily above EMA50 with a strong RSI. The fact that Bitcoin is strong and this pair doesn't fold is great news, because we can expect a bullish wave to develop regardless of what Bitcoin does. These and many others are bullish. Feel free to boost and follow for more. Thanks a lot for your continued support. Namaste.
Long
by MasterAnanda
3
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.
Short
by This_Guhy
1