OPUSDT. The seller has reached their goalsIn educational article some week ago, I wrote that most financial instruments spend more than 75% of their time in this sideways market mode. So, knowing how to trade in sideways markets is a important skill for traders and investors.
I highlighted 5 skills that help effectively trade in sideways markets. Discussing the first of them - how to combine the higher and lower timeframes when looking for trades, I provided a practical example on the OPUSDT chart using the daily and hourly timeframes. Quote:
On the daily TF, we observe sideways movement since December 22, 2023, with the bearish vector (11-12) being relevant. The first target of the bearish vector, 3.119, was reached on March 19, 2024. The second target (2.822) and the third (2.611) remain valid
The seller has reached their goals.
Currently, the price is below the lower boundary (2.611) of the sideways trend on the daily timeframe. We haven't seen any buyers yet - there's no bullish candle.
It is advisable to look for buying opportunities when the buyer brings the price back into the sideways trend. Sales can be sought from the defense of the seller at the level of 2.611.
