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OP / TetherUS

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OPUSDT trade ideas

Bearish Trend and Critical Price LevelsOver the last month, the value of OP has been on a downward trend, indicating a bearish pattern. The support level at $1.53 didn't see an increase in buying interest. The overall market had more selling pressure, causing this support level to break. As a result, it transformed into a significant resistance point, leading to a negative response. During this period, the price reached the lower boundary of a medium-term upward channel on two occasions. The first instance resulted in a notable positive response. However, the second attempt didn't yield a strong reaction. If the price continues to drop and breaks through both the lower boundary of the channel and the $1.10 support level, the conditions for this currency will worsen. This could lead to further decline, possibly down to the support level at $0.90.
by MonoCoinSignal
6
OP short - swing trade (update)OP... yes the real OP this time. OP going nicely and we have reached around half of our trade. Clean pa in comparison to other coins but we've been in it nicely from the start. Took most of my position off at these current levels. Will look to re-enter later in the week or take intra-day trades. DO NOT GET OVERWHELMED OR OVERHYPED. Pa and the market are the leaders, not our emotions of impulses. Give way to your emotions and impulses in trading and the market will punish you. Plan remains the same for now .. TP 1. 40 TP 1.35 TP 1.20 Stay safe and never risk more 1-5% of your capital per trade. The following analysis is merely a price action based analysis and does not constitute financial advice in any form.
Short
by Patrick2707
OPUSDT is testing the resistanceOPUSDT trading pair's current dynamics, there is a notable occurrence of price action testing the resistance level within an ascending channel. This ascending channel pattern is characterized by a sequence of successive higher lows and higher highs, indicating a gradual upward movement of prices that has been contained within a clearly defined channel. Of particular significance is the recent development where the price attempted to breach the resistance level around the $1.2 area, but the breakout was ultimately deemed a false breakout, as the price retraced back within the confines of the ascending channel. This demonstrates the importance of caution when interpreting price movements near key levels and emphasizes the necessity of confirming breakout scenarios. Traders and observers are now closely monitoring the OPUSDT price as it tests the resistance level within the ascending channel once again. The previous false breakout serves as a reminder of the need for confirmation before assuming a genuine breakout scenario. Following Plancton's trading rules, a new long position might be contemplated if the price convincingly breaks above the resistance level of the ascending channel. This potential breakout could signal a continuation of the upward trend and present a favorable opportunity for bullish trades. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <= 1h structure. Follow the Shrimp 🦐
by InkyGrip
8
OP short - swing trade (update)OP pushed up higher at the end of day yesterday... to scare and take out the liquidity of the late shooters. OP pushed up to a high of 1.5919 and our stop was not taken and correctly set the line in the sand 1.5925 - as expected. What is next... Taken a little off my position to be able to add IF pa decides to give in faster than expected. For the time being the plan remains the same and you can enjoy the profit ride. TP 1.40 TP 1.35 TP 1.20 Good to note the DXY keeps on pushing higher for the time being - confirming a possible short term top for crypto, indices, stocks etc. Stay safe and never risk more than 1-5% of your capital per trade. The following analysis is merely a price action based analysis and does not constitute financial advice in any form.
Short
by Patrick2707
OP short - scalp trade As noted with the purple box, after being taken out on yesterday's OP trade, I manage to scalp two good short trades in the leg down (retracement after the break of highs) This zone will be fundamental for pa to see if we cap price around these levels and send it lower Ideally we would want to see prices go lower considering the choppiness and failure to create strong and clean higher highs from an overall perspective. The market has been pushing up but as most often in the month of August the thin books and liquidity fail to delivery impulsive pa - history does not always repeat itself but it does have the tendency to instill certain principles and rules For the time being the choppiness and indecisiveness of the market has been sluggish and pretty slow to build. Keep an eye on DXY for confluence and let's see what the market gives us today. Stay safe and never risk more than 1-5% of your capital per trade. The following analysis is merely a price action based analysis and does not constitute financial advice in any form.
Short
by Patrick2707
OP short - swing trade We got stopped on the previous OP short... and that is alright we cannot be 100% right in the market - highlighting the importance of risk management to remain liquid in the market and to continue trading. A few scratches are necessary along the way - if it was easy everyone would be a trader What is next... Entered another short last night and looking for the same trade previously. A tighter stop considering the market structure. IF we get a clean reclaim of 1.58 we should look to reduce our position. Note that a clean reclaim of 1.58 cancels may lead to higher prices for the end of the week. We will then let it play out for the rest of the week - or you can take scalp trades to end the week Entry (personal) 1.5640 TP 1.40 TP 1.35 TP 1.20 SL 1.5925 Stay safe and never risk more than 1-5% of your capital per trade. The following analysis is merely a price action based analysis and does not constitute financial advice in any form.
Short
by Patrick2707
OP Buy Trade Here is My Study On OP. Welcome to my channel! Here you'll find daily technical analysis ofthe latest trends in the crypto market. From Bitcoin to altcoins, I'lIl be sharing my insights and predictions to help you make informed decisions about your investments. Follow me for the latest updates and join the conversation in the comments! Crypto technical analysis uses past price history to predict future price. It's not a guarantee and shouldn't be relied on solely for investment decisions. Consider other factors such as market trends, economic strength and information dissemination. Use with caution. This Is Not A Finacial Advise
Long
by MoonTradingForecast
OP short - swing trade (update)The OP trade ended up going against our plan and retested the highs (liquidity) from the previous Monday. As per the plan set out in the previous/attached OP short idea, the positions were reduced when price starting holding above 1.50$ Considering the nature of the market two lower time frame intraday trades where taken (annotated on the screen) - two shorts trade both hitting tp's What is next? We have currently deviated the previous Monday liquidity sitting around 1.58$ with a current 2 day range with highs at 1.58$ and lows around 1.50$ IF we get a clean reclaim and break above 1.58$ expect longs to pill up. Tape reading and favoring shorts - wait to see if we go lower from this deviation with the overall OP short plan remaining the same. TP 1.40$ TP 1.35$ TP 1.20$ SL above current highs -------- Bear in mind US PMI numbers coming out on Wednesday (9:45) which could 'move and influence' the market. The market is algorithmic but lets not forget the human aspect which helps trick and trap traders when these 'news events' come out -------- Stay safe and never risk more than 1-5% of your capital per trade. The following analysis is merely a price action based analysis and does not constitute financial advice in any form.
Short
by Patrick2707