OPUSDT - BULLISH BIAS & POTENTIAL TREND REVERSAL
Symbol - 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.
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.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.