Optimism OP Became Optimistic Again
2024-11-12

Hello, Skyrexians!

We continue analyze altcoins with big potential for the bull market. Couple of days ago we have already observed another one layer 2, today it's time for  BINANCE:OPUSDT  . Price of this crypto formed very interesting formation which can confuse most of traders. We analyzed it using the combination of Elliott waves analysis with our algorithmic indicators. Hope it will give you enough knowledge to make your own decision.

On the price chart you can see the weekly time frame. We can consider all movements as the large accumulation zone because Optimism appeared in the most severe stage of past bear market. Its first growth is more likely to be the wave 1. After that we can see almost the same formation as for Arbitrum. This is the irregular correction in the wave 2, which consists of ABC waves. 

Wave C is likely to be finished. It touched the 0.61 Fibonacci retracement zone and  Bullish/Bearish Reversal Bar Indicator   printed the green dot. This is very high probability long setup. You can see earlier on the chart that this indicator flashed the red dot and after that we have see the huge bearish wave. We need to pay attention to its signals.

The next potential move is the global wave 3. It can happen very fast and the target for it is defined by the Fibonacci extension. This is the zone between $7.71 and $11.68. Lower band of the zone is almost 10x from the current price.

Best regards,
Skyrexio Team

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