Optimism (OP) is a layer 2 scaling solution for Ethereum that aims to increase the scalability, speed, and affordability of Ethereum transactions while maintaining security and smart contract compatibility. It utilizes a technology called Optimistic Rollups to achieve these goals.
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💎 OP has recently demonstrated notable market dynamics. After a perfect bounce from the demand area, the price faced rejection in the vicinity of an all-time high.
💎 Currently, the price is positioned to move downward towards the Bullish Order Block (OB) area for retesting, potentially creating new momentum for an upward movement.
💎 If OP successfully bounces...
TRADE ALERT! OP
Ticker: OP/USDT
Entry:2.75-2.56
Take Profit:3.00-3.5
Stop Loss: 2.2063
Risk to reward: 1:2
Technical Thesis:Wait for Pullback
Keep an eye on 0.5 fib zone to 0.618 fib zone For proper reversal zone, (2.75$ to 2.56$) can be good pick,You can open a low lev long here.
4h time frame
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OP created a double bottom and retested with a triangle structure. OP is still consolidating in this triangle, which could be a potential continuation structure and help us to set up a trading plan. Target will be estimated from double bottom and the triangle.
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TP: 2.41
SL: 1.523
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Everything on the chart.
Entry: market and higher
Target/ Reversal zone: 0.8 - 0.6
after first target reached move ur stop to breakeven
Stop: (depending of ur risk). ALWAYS follow ur RM .
Good luck everyone!
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