In the past quarter (Q3), Optimism [OP] buyers have exploited the crucial support zone of $1.19 - $1.27 (cyan).
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.buyers have exploited the crucial support zone of $1.19 – $1.27 . At press time, the recent pullback hit the Q3 support and could attract buyers.dropped to the previous breakout level of $27.5k, just an inch away from a daily chart liquidity area of $27.0k – $27.2k. A BTC rebound from the above key support could favor OP buyers.
If BTC defends the $27k level in the next few days, OP could rebound at the above Q3 support zone of $1.19 – $1.27 . If so, the rebound could offer +13% if it hits the second bullish target of $1.4.However, a drop below the support zone and subsequent close below $1.17 will invalidate the above long set-up. Such an extended drop could tip sellers to extend gains to $1.0, especially if BTC drops below $27k.
Meanwhile, RSI and OBV retreated southwards, indicating selling pressure intensified amidst a decline in Spot market demand for the altcoin in the past few days., the demand zone level of $1.20 had massive buy limit orders at press time on the Binance Exchange. There was a demand of over 400k OPs at the $1.20 level, translating to $488k at press time value of $1.22.
There were other buy limit orders at $1.21 and $1.23 at press time, further reinforcing that a rebound could be likely amidst a spike in demand at Q3 support if BTC doesn’t drop below $27k. On the sell side, there was a significant sell limit order at $1.45. So, the order flow analysis at press time validated the long set-up. But a bearish BTC will invalidate the bullish bias.Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.
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