OPUSDT - BULLISH BIAS & POTENTIAL TREND REVERSALSymbol - OPUSDT
CMP - 1.175
OPUSDT is exhibiting positive momentum relative to Bitcoin's performance over the past two days. The asset is currently in a phase of consolidation, testing trend resistance.
The primary factor hindering the onset of an altcoin season is Bitcoin's dominant presence in the cryptocurrency market. A decline in BTC, potentially opening a channel to the 75K range, followed by further upward movement after an intermediate bottom forms within the 75K-80K zone, could reduce Bitcoin's dominance. This, in turn, would present an opportunity for the altcoin market, which has been struggling in recent times.
I find OPUSDT appealing as it has not mirrored Bitcoin's decline but instead remains in a consolidating phase, offering clear boundaries for strategic planning. The key resistance level to focus on is 1.212
Resistance Level: 1.212
Support Levels: 1.044, 0.983
A breakout above the 1.212 resistance level could initiate a rally and signal a potential trend reversal. This could occur after a correction to the 0.5 Fibonacci level or following the formation of a pre-breakout consolidation on the H1-H4 timeframes.
The setup would be invalidated if the price breaks below the 1.044-0.983 support range.
