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OP / TETHER Standard Futures

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OPUSDT.PS trade ideas

OPUSDT - Who is in control? Look at the pitchfork - Not the wedgAs I look at the OP chart, it is hard to ignore the massive wedge that is forming but I ask you to take another look at the formation. Zoom out and lets not forget that the move leading into November 5, 2022 was a rejection at the 61.8 internal retracement level. This type of rejection, which is one of my favorite trades to take, has a target at the -23.6% extension. This would target around 47 cents. I know that sounds ridiculous as it is about half of where we are at today. Lets take a look at the pitchfork that I've placed on this chart. If you're not familiar with pitchforks, you simply use the pivot points from the high, to the low and rebound to that 61.8% rejection I spoke of in the previous paragraph. Notice how the upper trendline of the pitchfork aligns perfectly with the "wedge" that everyone is focusing on. Now that we're focusing on the pitchfork, lets also not forget that trendlines do matter and we broke through one on December 16, and only a couple days later, retested it perfectly. By my estimation, OP has potential to go up to about 99 cents to 1 dollar and will see a rejection from there. Likely going into the end of next week. I certainly wouldn't be looking for longs yet, though. Unless OP breaks out of this range, I will only be looking for shorts. Why shorts when I think it'll go up, you ask? Because you'd be gambling. Think like the "whale" that sold at $1.38 that caused the price, within only a couple days, go drop from 1.38 down to 76 cents. Whoever controlled the OP market that much said "ok, I'm done" and the only way they'll inject capital back into this is if one of two things happens: 1. The price drops enough where it's worth it for them to re-accumulate 2. Another player takes an interest and marks up the price beyond the downtrend line that has formed. Back in 2017, after XVG pushed up to 2000 sats and saw a swift pullback to 800 sats. I happened to know a group of players that controlled the XVG market and they told me they wouldn't touch XVG unless it went back above 1500 sats. When I questioned them, they stated simply that they were out and weren't looking to get back in unless there was a continued retail frenzy which looked to be drying up, evidenced by the lack of volume. Speaking of volume, have you looked at the volume on OP since November 10th? It's basically insignificant. This is key. I believe OP will see roughly 64 cents by mid-January and I'd be interested in taking a bite there. If it fails, we will see 47 cents.
Short
by bitdoctor
5
OPUSDT SHARKThe shark candlestick pattern is a new harmonic chart pattern discovered in 2011 by Scott Carney that indicates a trend reversal possibility. So far, the pattern has been proven highly accurate and can be used by traders to identify trend reversals and find successful trading opportunities. Discovered by Scott Carney in 2011, the Shark harmonic pattern is a five-leg reversal pattern largely dependent upon the powerful 88.6% retracement level and the 113% reciprocal ratio. In addition, it has a chart formation called an Extreme Harmonic Impulse wave, which looks like the M letter for a bullish shark pattern and W for a bearish shark pattern. As with other harmonic chart patterns, the shark harmonic candlestick formation must meet several Fibonacci ratios to be valid. It also aims to predict future price movements using previous price swings and geometric shapes. However, Scott Carney used another method for the famous five swing harmonic pattern points. Unlike other harmonic patterns with the following swing points – X, A, B, C, and – Carney developed another method for the shark harmonic pattern using these price points – O, X, A, B, and C. Apart from the different swing point labeling and the unique Fibonacci ratio Carney invented for the shark pattern, it is similar in structure to the Cypher pattern, the Bat pattern, and the Crab pattern.  Likes and comments if you have questions! 🍌 Thanks!
by UnknownUnicorn38199698
OPUSDT 4HOn the 4-hour chart, the OP is currently at the median of the Keltner channel, incursing towards the lower edge, we also see this symmetrical triangle pattern that is reaching an end point, where we expect the price to show an upward movement from from there. ApeCoin is the utility token for the Bored Ape Yacht Club (BAYC) community. ApeCoin launched its betting feature consisting of four betting pools, and APE holders wagered nearly $32 million in the first two days. Here are the supports and resistances: S: 0.898 / 0.864 R:0,964 / 0,987 / 1,014
Long
by ferulianov
1
OP/USDT We expect a bullish movement! Hey, guys ✌️ Last one for today is going to be OP token. Well on 4hr chart we see that symmetrical triangle pattern which is getting to a finishing point where we expect the price to show a bullish movement from there. Any thought here on this token guys? If you like ideas provided by our team you can show us your support by liking and commenting. Yours Sincerely, Swallow Team 🔱 Disclamer: We are not financial advisors. The content that we share on this website are for educational purposes and are our own personal opinions.
Long
by SwallowPremium
18
OP must hold .73c or .30c Past repeats the Present READ!!Not financial advice. We have a clear double topping pattern here on OP first at it's high then again at 1.50. Following this metric and double top rejections I can't overstate how important holding the .73c level is. If we lose that level on a daily close. I'd look for entry at .30c But the good news is we have a 400-500 move once it bottoms. OP is doing the same patterns as SOL and AVAX did when it got listed on Exchanges. It's performing the same moves as layer 1 and later 2 protocols from before. So to get a good idea of price movement just looks at AVAX and Sol from it's beginning. Remember DYOR and always practice PIK Patience is Key and to TLAW Think Like A Whale
Short
by ThinkLikeaWhaleTLAW
2
OPUSDT reaching apex of wedge - Big move soon!There are a few things to discuss on this OPUSDT chart and they all revolve around the huge wedge we are currently in. Multiple tests of lower diagonal - We've tested the lower trendline of this wedge about 7 times already. A breakdown of this structure would indicate buyers have lost control and sellers are taking over. Fewer tests of upper diagonal - The price action between August and mid-October took the price down far enough that the lower diagonal was tested more times than the upper, which has only been tested 3 times so far. This is a sign that buyers do not have strength. 61.8% Internal Retracement rejection - We rejected a key level at the beginning ov November and the fib levels at the 38.2 / 50 continue to be important ever since. Most recently testing the 50% retracement just a few days ago. Most recent volume is bearish - Most recently, on the spike to ~1.20, the volume was bearish with the highest amount of recent volume being at the top but the price didn't break out. This is a key indication that the buyers are still not in control. Key moving averages about to cross - The 55/100EMAs are about to cross bearish. Beware for a mean reversion into the 55/100EMAs before sellers take over. Important: There is no trade right now. When you trade a wedge, you shouldn't try and guess what will happen, but wait for confirmation. If this breaks up, the target is close to $6.00 and it's still entirely possible we will hit that target even if we break down , but it'll just take longer to get there and there may be significant downside before then.
Short
by bitdoctor