Pointy time for $OP [Optimism]
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Honestly, I like patterns. I like this one for Optimism with its converging trend-lines and a palpable tension about a break to the upside/downside, most likely in the next 10 to 14 days.
It being a market it is always unclear, and not possible to predict prices despite all the fancy tools.
MORE:
The year has seen OP break out from it's low during the bear market in 21-22 and then follow a regression path for the last few months between HKEX:2 and $3.
Most of the time it moves between a support level around $2.15 - $2.30 and a resistance zone between $2.5 and $2.7.
The trend lines, wherever you start, between the declining high's and the rising lows all converge at some point in May. So it's all very exciting if you like that sort of thing.
If you "clean-up" (ignore) the 'extra low' data point that occurs at the collapse of silvergate, silicon bank and signature. It's really neat and predictable. Especially for longer periods.
I am in a long position based on the RSI (which indicates a break out to the upside) and other technicals.
There are plenty of supporters of a flat-bottomed regression like this (a right-angled triangle that fell over) being a strong sign of a positive / bullish upturn. The flat bottom indicating very strong support.
There are no major break points to the downside, everyone seems to feel bullish about the market in general etc And they predict a rise of anywhere >100%. I am hesitant, like all sane investors.
There are also excellent analyses available that expect the reverse - that the longer EMA's (exponential moving averages) will cross and the token will move to the downside, possibly as far as $1.6 before moving upwards.
All of these are indicated on the chart with a variance in the bullish trends marked as the typical angle (green) and a more contested rise (teal).
Time will tell.
It being a market it is always unclear, and not possible to predict prices despite all the fancy tools.
MORE:
The year has seen OP break out from it's low during the bear market in 21-22 and then follow a regression path for the last few months between HKEX:2 and $3.
Most of the time it moves between a support level around $2.15 - $2.30 and a resistance zone between $2.5 and $2.7.
The trend lines, wherever you start, between the declining high's and the rising lows all converge at some point in May. So it's all very exciting if you like that sort of thing.
If you "clean-up" (ignore) the 'extra low' data point that occurs at the collapse of silvergate, silicon bank and signature. It's really neat and predictable. Especially for longer periods.
I am in a long position based on the RSI (which indicates a break out to the upside) and other technicals.
There are plenty of supporters of a flat-bottomed regression like this (a right-angled triangle that fell over) being a strong sign of a positive / bullish upturn. The flat bottom indicating very strong support.
There are no major break points to the downside, everyone seems to feel bullish about the market in general etc And they predict a rise of anywhere >100%. I am hesitant, like all sane investors.
There are also excellent analyses available that expect the reverse - that the longer EMA's (exponential moving averages) will cross and the token will move to the downside, possibly as far as $1.6 before moving upwards.
All of these are indicated on the chart with a variance in the bullish trends marked as the typical angle (green) and a more contested rise (teal).
Time will tell.
Nota
OP = $2 on May 5As we can see, OP broke down, following predicted path below it's major resistance level $2.1 against the trend in ETH, BTC or other L1 or L2 alt coins in the ETH system.
There is very little trading between that and the next major trading area of $1.7
Now we will watch to see if it rebounds to above $2.1 support level in which case the next major resistance level is $2.5 or above, or if it declines to $1.6-$1.75
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