TradeCityPro | OPUSDT Analysis Prepare Your Bullish Triggers!
2024-12-11
Category: None

👋  Welcome to TradeCityPro Channel! 
Let’s dive into the market and analyze OPUSDT, focusing on a detailed breakdown of its structure. Remember, those who stay calm and manage their emotions during market corrections are the ones who profit big in the bull run.

🌍  Market Overview 

As always, we start with Bitcoin. Currently, it’s undergoing a minor pullback with hourly red candles and good volume. However, this is a positive development as it signals a potential pullback in Bitcoin dominance, possibly forming a lower high on the daily timeframe—a bullish indicator for altcoins.

Currently, Bitcoin is fluctuating around the 94,660 support. If this level is broken and Bitcoin moves toward 91,000 with a rising dominance, altcoins could see another 20-30% drop.


🕒  Weekly Time Frame 

OP is a relatively new coin, part of the Layer 2 category, and hasn’t experienced a bull run yet.

The weekly candle shows a strong rejection at 2.688, making it a better resistance level than the previous 3.016. This rejection also enhances the significance of the 2.688 entry point.

Additionally, there’s a hidden trendline that has acted as support in the past, and after breaking it, the price pulled back. It has rejected this level again, suggesting potential future significance.

For safer entries, wait for support confirmation on lower timeframes or a breakout above 2.688. If you already bought at the 1.93 breakout, hold your position and remain patient.

📊  Daily Time Frame 

On the daily chart, after breaking out of the accumulation box between 1.324 and 1.833, the price moved the size of the box to reach its first target (R:R 1). From there, it faced a heavy rejection.

pullback to the 1.833 support seems logical as this level aligns with the 50% Fibonacci retracement and Dow Theory principles. Confirmation on lower timeframes could signal a bullish reversal.

For now, wait for the downward momentum to fade before planning new entries. If the market moves sharply upward, this could introduce strong bullish momentum, allowing for higher-risk entries.


🕒  4-Hour Time Frame 

On the 4-hour chart, the coin broke a rising trendline, leading to a drop. I personally didn’t open any short positions, nor would I recommend them in this context.

If 2.049 support is broken and Bitcoin dominance rises, the price could drop further to 1.833. Decision-making at that level will be key.

📈  Long Position Trigger 
if the price ranges between 2.049 and 2.283 and starts gaining bullish momentum, a breakout above 2.283 with increasing volume would offer an early entry opportunity.

📉  Short Position Trigger 
while breaking 2.049 might seem like a trigger, I still don’t recommend it. If you choose to short, watch the RSI, which is deeply oversold.


💡  BTC Pair Insight 

In the current conditions, the Bitcoin pair (OPBTC) might not hold much significance. Coins that have either not dropped much or completed healthy corrections with declining bearish momentum are more favorable.

For OPBTC, the key trigger would be a breakout above 0.00002975, which could signal the start of its upward move in a bullish market.


📝 Final Thoughts

Stay calm, trade wisely, and let's capture the market's best opportunities!

This analysis reflects our opinions and is not financial advice.

Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️