OPUSDT reaching apex of wedge - Big move soon!There are a few things to discuss on this OPUSDT chart and they all revolve around the huge wedge we are currently in.
Multiple tests of lower diagonal - We've tested the lower trendline of this wedge about 7 times already. A breakdown of this structure would indicate buyers have lost control and sellers are taking over.
Fewer tests of upper diagonal - The price action between August and mid-October took the price down far enough that the lower diagonal was tested more times than the upper, which has only been tested 3 times so far. This is a sign that buyers do not have strength.
61.8% Internal Retracement rejection - We rejected a key level at the beginning ov November and the fib levels at the 38.2 / 50 continue to be important ever since. Most recently testing the 50% retracement just a few days ago.
Most recent volume is bearish - Most recently, on the spike to ~1.20, the volume was bearish with the highest amount of recent volume being at the top but the price didn't break out. This is a key indication that the buyers are still not in control.
Key moving averages about to cross - The 55/100EMAs are about to cross bearish. Beware for a mean reversion into the 55/100EMAs before sellers take over.
Important: There is no trade right now. When you trade a wedge, you shouldn't try and guess what will happen, but wait for confirmation. If this breaks up, the target is close to $6.00 and it's still entirely possible we will hit that target even if we break down , but it'll just take longer to get there and there may be significant downside before then.