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OP / TetherUS

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OPUSDT trade ideas

🔥 OP Parallel Channel Bounce: Looks Quite Bullish!OP saw an incredible start of 2023. Sadly, after a huge move early in the year, OP has been selling off for most of the months after the initial pump. However, I see signs that the sell-off is done and that there's more bullishness coming soon, arguably even a new all-time high. Key component of this trade is the bottom support of the parallel channel (the top resistance is a direct copy of the support line) For the best risk-reward I'm looking at a target of 6.00, potentially 3.00 if you're more risk averse. Stop at 1.2 which is just below the recent low. In previous analyses I've mentioned that I see more bearish price action coming to BTC, so this trade could function as a hedge. OP is arguably one of the better looking alts at the moment with a lot of potential upside.
Long
by FieryTrading
10
OP/USDT Downward Momentum ??? Optimism Today AnalysisHello Paradisers, spotlight on this token! 💎 OP bounced after touching the Bullish OB zone and managed to close above the support trendline of its bearish flag. 💎There's potential for OP to rise, possibly to test the supply zone, before a subsequent decline. The anticipated downward movement might lead OP to revisit the previous wick area, which is closely aligned with a robust demand zone. This area could witness significant buying activity if OP reaches it. 💎For those considering short positions, the supply zones between 1.52 - 1.6 could be ideal, with a stop loss set above the recent high. It's worth noting that on 28th August, there's a token unlock event for OP. Historically, prices tend to rise leading up to such events, only to experience a drop on an actual day. 💎This makes it highly plausible for OP to touch the accumulation buy zone post-unlock.
by MyCryptoParadise_Nathan
OP short - swing trade OP retested the highs of its current range and giving us some bearish pa for the time being. Looking to short towards 1.20$ Scaled in 3 positions between 1.45$ and 1.50$ (avg entry 1.46$). Tight stops resting above the current highs capping the market. Stops can be adjusted if deemed necessary and according to your risk. Expecting us to drop in the FVG sitting around 1.40$. IF we get a clean break and hold above 1.50$ I will look to reduce and close my positions. Entry market (aggressive) / Entry below 1.46$ (conservative) TP 1.40$ TP 1.35$ TP 1.20$ SL 1.54$ above current highs capping the market 1.54$ Stay safe and never risk more than 1-5% of your capital per trade. The following analysis is merely a price action based analysis and does not constitute financial advice.
Short
by Patrick2707
4
OPUSDT Falling Wedge and False Breakout!OPUSDT s currently exhibiting a Falling Wedge pattern. The Falling Wedge is a bullish chart pattern that typically indicates a potential trend reversal from a downtrend to an uptrend. The pattern is formed by connecting the lower highs and lower lows with two converging trendlines, creating a wedge-like shape. One notable characteristic of the Falling Wedge is that it often experiences false breakouts. A false breakout occurs when the price briefly moves beyond one of the trendlines but quickly reverses back into the wedge pattern, trapping traders who entered positions based on the breakout signal. As per Plancton's rules, traders are paying close attention to the current price action as the market tests the key level at $1.6. This level is crucial because it could act as a potential resistance within the Falling Wedge pattern. If the price manages to break out decisively above the $1.6 level, it would be considered a breakout signal according to Plancton's rules. This breakout to the upside would confirm the validity of the Falling Wedge pattern and potentially trigger a new uptrend for OPUSDT. Based on Plancton's rules, a "new long" trade is suggested if the breakout occurs. A long position involves buying Opus with the expectation of a continued upward movement in price. Traders might place a stop-loss order below the recent swing low or the breakout level to protect against potential false breakouts or adverse price movements. As for profit targets, traders can use various technical analysis tools to estimate potential upside price targets. Fibonacci extensions, previous resistance levels, or the height of the Falling Wedge pattern itself can be used to identify possible price objectives. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <= 1h structure. Follow the Shrimp 🦐
by InkyGrip
18
OP has strong support levelAccording to the OP instrument, the trend is locally downtrend (this is noticeable by the hayes that have been declining over the past day). Trading volumes are also declining, and large sales orders are in the glass. The highs are not updated, but the price is pressed to the minimum. This indicates the strength of the seller and the weakness of the buyer. Against this background, a cascade of lows formed to break into the short of the round number 1.52, as well as a downward trend holding the price. To enter the transaction, I expect a smooth approach with trading above the levels and, as a result, an impulse breakdown downwards in order to take out liquidity beyond the levels
Short
by CScalp_EN
1
OP: Channel UpTrade setup : Trading in a Channel Up pattern. Trends are improving. We wait for a breakout, ideally with confirmation when price breaks above $1.80 resistance and 200-day Moving Average (~$1.97). Benefiting from the launch of Worldcoin (WLD), which is based on Optimism protocol. Pattern : Price is trading in a Channel Up pattern. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout. Trend : Uptrend on Medium-Term basis and Downtrend on Short- and Long-Term basis. Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral). Support and Resistance : Nearest Support Zone is $1.50 (previous resistance), then $1.20. The nearest Resistance Zone is $1.80, then $2.80
Long
by altFINS
1