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OPUSD Perpetual Swap ContractOPUSD Perpetual Swap ContractOPUSD Perpetual Swap Contract

OPUSD Perpetual Swap Contract

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OPUSD.P trade ideas

OPUSD one last High left. Next opportunity upon a pull-back.Optimism (OPUSD) broke above its All Time High Resistance of 2.32500 as well as the 2.0 Fibonacci level of the Channel Up that is being formed. Since the Resistance broke, the Channel Up has the technical capability to make a Higher High on the next available Fib at 2.5. The increasingly overbought levels don't render it a buy opportunity beyond that level. Best strategy involves entering on the next pull-back wave. Potential targets the cluster of the (green) Support Zone, the 1D MA50 (blue trend-line) and the RSI Buy Zone. The upside potential is enormous on this gem and our long-term target is 3.400. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
BINANCE:OPUSD
by TradingShot
Fleeting Optimism Long term I am bullish on Bitcoin and Cryptocurrency. Short term, I think we are likely to see a rapid sell off to around $16.6k. When setting this trade up, I considered a way to lower the risk and increase the return. Rather than using leverage directly on Bitcoin , an asset with solid fundamentals and the safe haven in a cryptocurrency rout. I have taken shorts on two other cryptocurrencies, that I have priced as over valued. 1) I believe Ethereum Classic (ETC) is currently overvalued, due to a recent rally spurred by Ethereum's (ETH) 2.0 network upgrade. ETC has been pumped with the sales pitch >> ETH miners will move to ETC, dragging over a significant portion of the ETH user base over. This is not likely in my opinion and therefore the rally is not supported with fundamentals. I foresee a sell off to the $18-20 range, a range in which I will close out my position. Current trade entry of $41.60. 2) The second short is Optimism (OP), a relatively new cryptocurrency that has been pumped from $0.50 to $2.30. Even considering it's retreat from $2.30 to $1.15, I see a further pullback to $0.80 likely, maybe $0.60 will see. Entry of position at $1.46. Best of look out there. RISK: Crypto might rally with the upcoming upgrades of both ETH and ADA.
BINANCE:OPUSDShort
by FortunaAlgoAnalytics