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OPUSDT trade ideas

Ascending Scallop Indicates Potential Bullish BOOPUSDT Trade Setup: Ascending Scallop Pattern Indicates Potential Bullish Breakout Introduction: In this article, we will analyze the current trading pattern of OPUSDT on the daily time frame. OPUSDT has been exhibiting an Ascending Scallop Pattern, with the price currently near the breakout zone. A long position has already been initiated, but there is a high likelihood of further bullish movement once the breakout is confirmed above the resistance area at $1.175. Our target level is set at $1.296, with a protective stop loss at $1.154. Over the past 10 days, the price has consolidated within a specific range, showcasing bullish signs within the current trend. Let's delve into the details of this trade setup. Technical Analysis: OPUSDT has been trading within an Ascending Scallop Pattern on the daily time frame. The current price is approaching the breakout zone, indicating the potential for a bullish breakout. Furthermore, the past 10 days have shown consolidation within a defined range, which has also exhibited bullishness within the prevailing trend. Trade Setup: Entry: A long position has already been initiated in anticipation of the breakout. Traders who have not entered yet can consider entering once the breakout above the resistance area at $1.175 is confirmed. Target: Our target for this trade setup is set at $1.296, representing a favorable upside potential from the breakout level. This target indicates the projected price movement after the breakout occurs. Stop Loss: To manage risk effectively, it is recommended to set a protective stop loss at $1.154. Placing the stop loss slightly below the breakout zone can help mitigate potential downside risks. Timeframe and Confirmation: Given that our analysis is based on the daily time frame, it is important to closely monitor the price action for confirmation of the breakout. Traders should wait for a decisive move above the resistance area at $1.175, accompanied by strong buying volume and sustained bullish price action. Once the breakout is confirmed, we anticipate the target of $1.296 to be reached. The timeframe for this trade setup may vary, but it is expected to unfold within a few days or weeks, considering the historical price patterns and the potential momentum from the breakout.
Long
by TheNewsCrypto
21
Will the Optimism update help OPUSDT price accelerate?Last week, there was a very important update for Layer2 of the Optimism Bedrock network. Key points of the optimization: Commission reduction by more than 50%+. Time for depositing funds has been reduced from 10 to ~3 minutes due to the "fee market" model, which helps to prevent DoS attacks. Improved Node/ performance, reducing node synchronization time by 50 times. Reduced fees make Optimism Mainnet the cheapest Ethereum L2 for token exchange. The Optimism team is actively working on the project's development, building a very strong ecosystem, and seems to believe in the prospects of their brainchild. But so far, all these updates have not had much of an impact on the OPUSDT price. Looking at the chart, we can assume that the growth of the Optimism token price to a strong liquidity zone of $1.47-1.50 in the coming days is a very positive scenario. Let's see, if the crypto market participants are interested in Optimism, to push the Op price up in the future, and the number of likes and comments under this idea will be a good "litmus test". _____________________ Did you like our analysis? Leave a comment, like, and follow to get more
by P_S_trade
24
Optimisim possible Scenarios What's Next?!! 👀 OP today analysis💎OPUSDT is currently trading at a critical stage, with two possibilities observed. The price is consolidating after making a lower low below the triangle pattern, indicating some bearish sentiments. 💎This is further supported by the price maintaining its momentum below the Ichimoku clouds and the RSI also showing the same downward movement. 💎On the bullish side, if it breaks above this triangle pattern and the RSI signals an upward move, we could see a positive shift. 💎 In the ever-changing crypto universe, staying updated and adaptable is essential. Stay tuned for more updates and enjoy your trading journey!
by MyCryptoParadise_Simon
1
OPtimism At Its Best 😁Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst. OP has been bearish trading inside the falling channel in green, and we are currently approaching the lower bound. Moreover, the zone 1.0 is a strong demand zone and round number. 🏹 So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the blue demand and lower green trendline. As per my trading style: As OP is sitting around the purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...) 📚 Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
by TheSignalyst
20
a long scalp position on OPHi guys, The reason behind this analysis is market psychology and price action. When the price was falling towards the line, traders expected to support this level and price broke this level with a strong downtrend. Then there are bears who were thinking now we have a breakout from this level, this is going to play out as a strong supply zone to open short position when it pull backs. In this situation both buyers and sellers got liquidated and when the price comes back, sellers want to get out of market breakeven and buyers want to add to their position. Price action wise, this level has some base candles which shows it gathered enough liquidity and it is a price of interest to trade and volume supports this idea.
Long
by MBCryptocurrency
A possible upward moveHello traders🖐🏿 OP has touched the bottom of all time channel recently with a proper reaction to that level, likewise we can see a major hidden divergence in RSI in daily TF. From here we expect that price first grow till 2.6$, and then directly go to the 3.7 as a top of the channel. In addition to all of these, we have some catalyst events in incoming days, such as mainnet upgrade, velodrome, base launch and etc. I suggest that keep your eyes on OP chart. Its not a financial advice, its just my idea. Good luck 👊🏿
Long
by HrSs7
1
OPTIMISM OPUSDT Price analysis (Daily)Greetings, esteemed traders of the TradingView community! Today, we bring to your attention the price of OPUSDT. Since reaching its all-time high (ATH) back in February 2023, the price has experienced a significant decline of approximately 50%. However, recent price action has caught my attention as OPUSDT has started to break out from a red trendline, which has been forming since the bottoms observed in 2022. This breakout holds potential for a continuation in the price's downward trajectory. Furthermore, a triangle formation that developed between February and April of 2023. The triangle pattern was broken to the downside, and the target of this pattern aligns closely with a previous resistance zone around the range of 1.3-1.4 USD. Considering the oversold conditions indicated by both the MACD and RSI indicators, it becomes quite likely that we may witness a rebound in this aforementioned price zone. This presents an intriguing opportunity for traders to explore. Thank you for your attention and support. Feel free to explore our other articles, follow our page for more updates, and kindly share your valuable feedback on this idea. Happy trading!
by Vestinda
3