Optimism Weekly Reversal Signal?
Updated
Is the optimism chart trying to tell us a trend reversal is on the way? Looking at a weekly bar chart we can see last week we closed our first weekly bar BELOW the low of the highest bar in the recent uptrend. This is a classic trend reversal signal that warrants at least the setting of a stop loss at the low of the high bar and position of neutral.
Does this weekly reversal signal mean price has to change. Absolutely not. It is simply an indication of trend exaustion that tyically leads to a price decline without sufficient reasoning to entice renewed bullish sentiment.
An indication of continued bullish sentiment would be to push above and hold the high of the current lowest bar. This would be at $3.10.
Our current position on OP is TAKE PROFIT and to set a stop loss at the low of the high bar. If stopped out consider shopping for lower prices to re-enter what has become a popular project in the cryptoverse and probably here to stay for some time.
In the event OP brakes the low of the high bar on the weekly chart and manages to range re-entry above $3.10 may be in order.
Does this weekly reversal signal mean price has to change. Absolutely not. It is simply an indication of trend exaustion that tyically leads to a price decline without sufficient reasoning to entice renewed bullish sentiment.
An indication of continued bullish sentiment would be to push above and hold the high of the current lowest bar. This would be at $3.10.
Our current position on OP is TAKE PROFIT and to set a stop loss at the low of the high bar. If stopped out consider shopping for lower prices to re-enter what has become a popular project in the cryptoverse and probably here to stay for some time.
In the event OP brakes the low of the high bar on the weekly chart and manages to range re-entry above $3.10 may be in order.
Note
Price easily made into first buy zone and back up to take profit target. Question is will it hold or return to the lower buy zone around 1.5
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