OP FACES MAIN RESISTANCE : TIME FOR PULLBACK NASDAQ:OP is bouncing from a bullish trend, boosted by an order block (OB) zone and an unfilled CME gap lurking below.
Short-term, look for NASDAQ:OP to test support near 1.48. If the CME gap fills, a drop to around 1.32 is possible. On a bullish note, if momentum holds, we might see a rise back toward 1.99.
Optimism
OP Swing Long Market Structure Shift Analysis - OP is currently trading at 1.4$
- OP is also carrying the best structure when it comes to Altcoins
- It's back to its previous yearly base where we saw the expansionary move from
- It's going to be very important to see whether OP fades away and falls below this zone or maintains its yearly area of interest
- Market Structure Shift will lead to a Parabollic rally in OP
- If you are interested in SPOT then 1-1.4$ can be a very good range to accumulate OP
Optimism (OP) CHART ANALYSIS OP is showing bullish tendency as it is trying to recover from market crash in start of August. It is forming a falling wedge pattern, which is well known bullish sign.
Short term Target could be 2.00 region, if bullish momentum continues we could expect 3.5, and mid term would be 5.00.
OP Technical Analysis - OP is currently trading at 3.3$ at the time of publishing this
- Layer 2 has a powerful narrative because VanEck expects Layer 2 as a whole to grow more
- Technically L2 looks solid and if you are already holding OP then continue holding this
- If you want to add OP, let it breach 3.6$ or its previous swing high first post that we will evaluate again. As of now, I would highly recommend that you wait for a retracement first
Optimism Trade Idea Optimism 1D Update:
- Op has been consolidating in the same zone for 2 months.
- Price action looks contracted in a range
- The overall market scenario looks bullish
- Op currently is sitting on the verge of a strong breakout
- Accumulation Zone - 1.35-1.4$
- Targets - 1.8$ - 2.6$
Optimism Buy Setup Optimism 1D Update
- Price is currently consolidating at the same range
- It will be interesting to see if it can break out of the range change the structure and move with huge volume.
- Accumulation Zone - 1.35.-1.45
- Targets - 1.8$, 2$, 2.7$
- I am bullish on OP for the long term I don't believe in a short-term move.
- Hold Period - 3-6 months.
EVERY DARK CLOUD HAS A SILVER LINING, IT REFLECTS ON CHARTS TOO
Shaken by the tumultuous selloff ?? not a matter of utmost worry though, because every dark patch is followed by some ray of light
as they say, every chart speaks, so, this is an attempt to try and listen what the chart of nifty bank is trying to say, particularly after a fast and furious meltdown
time-frame used is weekly, indicators applied are Bollinger bands and ATR Smoothed
this aint some buy sell precipitation
its just an effort to try and check our hearing capacities
please read the text boxes in numerical sequence
and if it it hits you, let me know what you could hear
DYOR and happy trading guys !!