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OPUSDT trade ideas

$OP (Optimism) Bullish Dragon with SFPDaily swing failure confirmed on the daily here, potentially marking the second bottom. So far we are bullishly engulfing, showing follow thru after the bullish Hammer yesterday. We still have a full day before it closes, but that would be a real good look here for OP. If the low is sustained here, this would give you the beginning stages of a bullish dragon. You would expect to see a return to the range high to confirm the double bottom, which would be your sign of strength. Targets would be at the 618, the 1.618 extension of this last move down and the measured move of the double bottom. We would need bitcoin to cooperate here for alts to do well off these lows, but the trades are there for sure.
Long
by TradingNomadic
Optimism (OP) Analysis: Testing Critical Support Amid Market Vol🔍Optimism (OP) is facing crucial levels in a volatile market. Here's an in-depth analysis to guide your trading decisions. 📆Coin of the Day: Optimism (OP) About the Project: Optimism is a layer-2 scaling solution for Ethereum, designed to enhance its throughput and reduce transaction costs. OP is the native token used within the Optimism ecosystem for governance and staking. 🧩Technical Analysis 4-Hour Timeframe This analysis focuses on shorter-term trends, identifying critical levels and potential scenarios. 📉Support and Resistance: Key Supports: 2.056 1.858 Key Resistances: 2.276 2.982 📈Bullish Scenario: Fibonacci Retracement: After stabilizing around the 0.786 Fibonacci level, OP shows potential for a bullish reversal if it can reclaim the 2.276 resistance level. Critical Support: Holding above the 2.056 level is crucial for maintaining bullish momentum. If OP can break and hold above 2.276, it could target higher resistance levels, including 2.982. 📉Bearish Scenario: Break Below Key Support: If OP fails to hold above 2.056, it could signal a bearish continuation. Targets: The next support level to watch is at 1.858. A break below this level could lead to further downside. 📊Volume and RSI: Volume Analysis: Recent trading volume has been low, which might hinder a strong move upward. An increase in volume is needed to confirm any bullish breakout. RSI Analysis: Current RSI: 33.72, indicating that OP is in the oversold territory. This could suggest a potential buying opportunity if other indicators align. 💡Fibonacci Extensions: Fibonacci extensions are used to forecast potential support and resistance levels by extending beyond the standard Fibonacci retracement levels. For OP, key Fibonacci extension levels to watch include 2.276 and 2.982. These levels provide insight into where price could move next, with 2.276 being a crucial level for potential bullish continuation and 2.982 as a higher target if momentum sustains. 👨‍💻Trading Positions Long Position Entry Trigger: Break and hold above 2.276 with confirmation from RSI and volume. Strategy: Open a position on the hold of this level, targeting higher resistance levels. Use tight stop-loss orders to manage risk. Short Position Entry Trigger: Break and retest below 2.056. Strategy: Open a position if the price confirms a break below this level, targeting 1.858. Adjust stop-loss orders accordingly. 📝Optimism (OP) is testing critical support levels amid broader market volatility. Traders should closely monitor key levels and Fibonacci extensions for potential entries and exits. Volume and RSI trends will provide additional insights into momentum shifts. 🧠💼Always remember the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Stick to strict capital management principles and use stop-loss orders, ensuring an initial target with a risk-to-reward ratio of 2. 🫶If you found this analysis helpful and want to support me, please boost this analysis. Feel free to leave a comment or suggest a coin you'd like me to analyze next.
by itsparham96
1
Long signal for OP/USDTThis technical analysis is based on the daily chart of BINANCE:OPUSDT on the Binance exchange. In this analysis, a price channel is drawn, and support and resistance levels are evaluated. Price Channel Analysis: The price is currently within a price channel ranging from 2.250 to 3.546 USDT. The suggested entry point is around 2.576 USDT. Entry and Exit Points: Entry: 2.576 USDT Take Profit: 3.546 USDT Stop Loss: 2.250 USDT Conclusion: This analysis suggests that by adhering to the specified take profit and stop loss levels, a successful trade can be achieved. The Reward/Risk Ratio for this trade is approximately 2.99, indicating a highly favorable risk-to-reward scenario. To manage risk effectively, it is recommended to strictly follow the stop loss level.
Long
by QuantCT
OP LongAfter a long wait, I am currently waiting for this pair to give me my confirmation for a long position. Price already in my area of value, just waiting for the market to tell me to get in on a Buy. Buy bias for the coming Months. Hello Friends! - --------------- **First Scenario - Long:** Initial Target: $3.3 Entry: $2.4 Stoploss: 2.2 **Second Scenario - Short:** It's already tested at $3 in price. Less probability of going down, but if you're shorting, double-check your stop loss. In a general bear market, prices can drop to $1.8 or $1.6 if they go below $2.2 level. - --------------- Take into consideration: Holders have been rising since the start of the year. Psychological Resistance at $4 Psychological Support at $1.8 - --------------- NFA DYOR Good Luck! ⚠️Caution: Just because I've set my buy and sell position Settings or drawn direction lines on my chart doesn't indicate I've opened a position or am obsessed with a particular bias. This is only a forecast; I don't trade when the price reaches my level; I have rules of engagement. Perhaps the most crucial element is 🆘RISK MANAGEMENT🆘.
Long
by irfanp056
1
OP/USDT upward momentum descending resistance breakout?👀🚀💎 Paradisers! Keep your eyes on #OPUSDT as it's showing promising signs of a bullish continuation from the demand zone. 💎 After careful observation of the price action, we’ve noted that $Optimism is on the verge of breaking through descending resistance. If it successfully breaches this resistance and maintains momentum above the EMA 100, there’s a high likelihood that the price will make a strong bullish move upward. 💎 It’s also important to consider the alternative scenario: if NASDAQ:OP fails to break the descending resistance and begins to drop, we might anticipate a bullish rebound from a lower key support zone. However, breaking below this could invalidate the bullish setup and lead to further declines in price. MyCryptoParadise iFeel the success🌴
Long
by MyCryptoParadise
OP short - swing trade (update) Here is a quick update on the OP short swing trade. Entry 2.5423 TP 2.2340 SL 2.668 Taken most of my profits at 2.2750 and taken out in profits. Good enough of a move for me and content with what the market gave me. Not always necessary to hold positions...taking PROFIT and RISK MANAGEMENT are key. Will keep an eye on how we trade from here in correlation with BTC. As always keep referring to the overall MARKET and BTC as it remains the main directional bias for the crypto market. 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