Long

Optimism (OP)

Updated

Optimism is a layer-two blockchain on top of Ethereum which uses Optimistic Rollups to scale the Ethereum ecosystem. The project is new and there are not enough candles to draw the big picture. But anyway, it seems a triangle pattern with ABCDE waves is forming, so have to wait and see when the current corrective wave end and ride the 5th wave to the top. Let's see what happens.

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Optimism reached the bottom of the triangle pattern. Have to wait and see if price can break the downtrend line upward and make a reversal. Let's see what happens.

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So Optimism pattern unfolded and it seems it is an ascending channel. Let's see what happens.

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Let's see if Optimism breaks the minor downtrend too or not.

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OP started an upward wave, went up, and reached the first resistance. Let's see what happens.

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Finally, Optimism broke the horizontal resistance area.

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Optimism approaching the channel'e upper line.

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Optimism gone up pretty good. Now in minor wave 4th correction; Let's see when reach the channel'e upper line.

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So, Optimism's wave 4 unfolded in a triangle pattern. OPT just broke this triangle upward to complete the 5th wave going toward the channel's upper line.

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So, Optimism behavioral scenario changed drastically. It seems the major wave E might unfold in a triple W-X-Y waves. If true, wave Y can also consist of 5 small waves. Although it's too soon, but let's see what happens.

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So, even though previous analysis failed, but OP is still moving in the ascending channel. Correction toke OP to the channel's lower line, and wave F finished. Now, have to wait for OP to break the downtrend line and signal the next upward wave. Let's see what happens.

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Optimism's analysis is still; OP is moving in an ascending channel. Correction wave toke OP down to the channel's lower line. Also, a harmonic pattern is formed, and then OP breaks the right leg and is going up. Let's see what happens.

SaeedSalehinia

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