TradeCityPro | OPUSDT Starting the Week with a Drop?👋 Welcome to TradeCityPro Channel!
Let's prepare our charts during the last hours of the weekend. It’s possible we might see some movement in the coming week, which could likely be bearish.
Scroll Down to Check Out the Analytical Chart as Well!
🌐 Overview Bitcoin
As always, before starting our analysis, let’s check Bitcoin on the 1-hour timeframe. Even during this holiday, Bitcoin is still just ranging with no significant events, which makes sense as a new structure is needed.
I have a feeling that the upcoming week might be red. However, I suspect this short-term bearish wave will turn out to be a fakeout, leading to a reversal back upwards. This is just one scenario, though. Personally, I might open a long position after breaking the $95,323 level, depending on Bitcoin's dominance conditions.
🕵️♂️ Previous Analysis
In our previous OP analysis, we highlighted our spot trigger, which was after breaking $2.688. However, it was never activated. This, along with the engulfing candle, caused us to stay in the range box, fluctuating within the same zone.
📊 Weekly Timeframe
In the weekly timeframe, there isn’t much need for further analysis, as our previous one still holds.
However, the weekly candle closing tonight might indicate a continuation of the rejection trend and a move toward the $1.338 support. The decline in volume clearly shows that no one is trading in this market at the moment.
📈 Daily Timeframe
In the daily timeframe, we’re also in a daily range box. Currently, after being rejected at $2.681 and triggering the double top with the $2.161 support break, we moved a distance equivalent to a 1:1 risk-to-reward ratio for the double top pattern.
Right now, after a heavy rejection at $2.161—which was somewhat a pullback—we are at the $1.749 support. Previously, this level was the daily range box resistance, but it has now shifted and turned into support.
Regarding this shift in support and resistance, let me explain a chart detail. Look at the area labeled as "old support" on the chart. This was our previous resistance, but now it has shifted to $2.681, our new resistance. This is because the future (or the right side of the chart) shows two rejections from this area, making it more significant for us.
Meanwhile, the $1.749 support aligns with the 0.618 Fibonacci level when measured from the start of the wave, which holds significant importance in Fibonacci analysis. After breaking this level, we could see a move down to the $1.335 support.
If you’re holding this coin, it’s recommended to cash out temporarily below $1.335 and look for reentry points in the future. After breaking $1.749, a short position could also be opened.
📝 Final Thoughts
Stay calm, trade wisely, and let's capture the market's best opportunities!
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
