OPTIMISM - OP/USDT - 1H - Technical analysis published on 05/30/2023 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : TARGET REACHED
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Summary of the analysis
Trends
Short term:
Neutral
Underlying:
Bearish
Technical indicators
50%
17%
33%
My opinion
Bearish under 1.56 USDT
My targets
1.44 USDT (-6.49%)
1.34 USDT (-12.99%)
My analysis
We are currently in a phase of short-term indecision. In a case like this, you could favour trades in the direction of the basic trend on OPTIMISM - OP/USDT. As long as you are under the resistance located at 1.56 USDT, traders with an aggressive trading strategy could consider a sale. A cross of the support located at 1.44 USDT would be a signal of a reversal in the basic trend and the short-term trend could then quickly become bearish. Sellers would then use the next support located at 1.34 USDT as an objective. Crossing it would then enable sellers to target 1.15 USDT. If the resistance 1.56 USDT were to be broken, this would simply be a sign of possible further short-term consolidation and trading against this trend would then perhaps be more risky.
In the very short term, the general bearish opinion of this analysis is in opposition with technical indicators. As long as the invalidation level of this analysis is not breached, the bearish direction is still favored, however the current short term correction should be carefully watched.
Force
0
10
3.2
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Additional analysis
Quotes
The OPTIMISM - OP/USDT price is 1.54 USDT. On the day, this instrument gained +1.32% and was between 1.50 USDT and 1.55 USDT. This implies that the price is at +2.67% from its lowest and at -0.65% from its highest.1.50
1.55
1.54
A bearish opening was detected by the Central Gaps scanner. Sellers are trying to impose a bearish trend in the very short term.
Bearish opening
Type : Bearish
Timeframe : Openning
So that you have an overall view of the price change, here is a table showing the variations over several periods:
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
Technical analysis of this 1H chart of OPTIMISM - OP/USDT indicates that the overall trend is bearish. The signals given by moving averages are 78.57% bearish. This bearish trend could slow down given the neutral signals currently being given by short-term moving averages. An assessment of moving averages reveals several bullish signals that could impact this trend:
Bullish price crossover with Moving Average 20
Type : Bullish
Timeframe : 1 hour
Bullish price crossover with adaptative moving average 20
Type : Bullish
Timeframe : 1 hour
In fact, only 9 technical indicators out of 18 studied are currently positioned bullish. Caution: the Central Indicators scanner currently detects an excess:
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : 1 hour
Parabolic SAR indicator bullish reversal
Type : Bullish
Timeframe : 1 hour
Central Patterns, the scanner specializing in chart patterns, did not identify any signals.
The Central Candlesticks scanner, specialised in Japanese candlesticks, did not identify any signals.
ProTrendLines
S2
S1
R1
R2
R3
Price
| S2 | S1 | R1 | Price | R2 | R3 | |
|---|---|---|---|---|---|---|
| ProTrendLines | 0.89 | 1.15 | 1.54 | 1.54 | 1.56 | 1.58 |
| Change (%) | -42.21% | -25.32% | 0% | - | +1.30% | +2.60% |
| Change | -0.65 | -0.39 | 0 | - | +0.02 | +0.04 |
| Level | Minor | Minor | Minor | - | Intermediate | Intermediate |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 1.30 | 1.41 | 1.46 | 1.57 | 1.62 | 1.73 | 1.78 |
| Camarilla | 1.48 | 1.49 | 1.51 | 1.52 | 1.54 | 1.55 | 1.56 |
| Woodie | 1.28 | 1.40 | 1.44 | 1.56 | 1.60 | 1.72 | 1.76 |
| Fibonacci | 1.41 | 1.47 | 1.51 | 1.57 | 1.63 | 1.67 | 1.73 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 1.34 | 1.44 | 1.52 | 1.62 | 1.70 | 1.80 | 1.88 |
| Camarilla | 1.55 | 1.57 | 1.58 | 1.60 | 1.62 | 1.63 | 1.65 |
| Woodie | 1.33 | 1.44 | 1.51 | 1.62 | 1.69 | 1.80 | 1.87 |
| Fibonacci | 1.44 | 1.51 | 1.55 | 1.62 | 1.69 | 1.73 | 1.80 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 1.12 | 1.60 | 1.88 | 2.36 | 2.64 | 3.12 | 3.40 |
| Camarilla | 1.96 | 2.03 | 2.10 | 2.17 | 2.24 | 2.31 | 2.38 |
| Woodie | 1.03 | 1.55 | 1.79 | 2.31 | 2.55 | 3.07 | 3.31 |
| Fibonacci | 1.60 | 1.89 | 2.07 | 2.36 | 2.65 | 2.83 | 3.12 |
Numerical data
The following is the status of technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
| RSI (14): | 42.03 | |
| MACD (12,26,9): | -0.0200 | |
| Directional Movement: | -10.10 | |
| AROON (14): | -35.71 | |
| DEMA (21): | 1.51 | |
| Parabolic SAR (0,02-0,02-0,2): | 1.50 | |
| Elder Ray (13): | 0 | |
| Super Trend (3,10): | 1.57 | |
| Zig ZAG (10): | 1.54 | |
| VORTEX (21): | 0.7700 | |
| Stochastique (14,3,5): | 53.12 | |
| TEMA (21): | 1.51 | |
| Williams %R (14): | -6.82 | |
| Chande Momentum Oscillator (20): | 0.01 | |
| Repulse (5,40,3): | 1.6900 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | -0.2200 | |
| Courbe Coppock: | 3.68 |
| MA7: | 1.59 | |
| MA20: | 1.64 | |
| MA50: | 1.99 | |
| MA100: | 2.21 | |
| MAexp7: | 1.53 | |
| MAexp20: | 1.54 | |
| MAexp50: | 1.57 | |
| MAexp100: | 1.59 | |
| Price / MA7: | -3.14% | |
| Price / MA20: | -6.10% | |
| Price / MA50: | -22.61% | |
| Price / MA100: | -30.32% | |
| Price / MAexp7: | +0.65% | |
| Price / MAexp20: | -0% | |
| Price / MAexp50: | -1.91% | |
| Price / MAexp100: | -3.14% |
Quotes :
-
Real time data
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Cryptocompare
This member declared not having a position on this financial instrument or a related financial instrument.
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