Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
- OP’s pullback steadied at around $1.18.
- Sellers had the upper hand despite the positive funding rates.
Optimism [OP] struggled to cross above $1.45 since September. It plunged even further in October as sellers exploited the bearish pressure but steadied near $1.18 at press time.
Read Optimism [OP] Price Prediction 2023-24
Meanwhile, Bitcoin [BTC] fronted a surprise upswing from Sunday (16 October) and recovered most of the recent losses. OP took a cue from BTC and registered a bounce but faced an overhead roadblock above $1.25.
Will sellers exploit the overhead hurdle?
At press time, OP’s higher timeframe market structure bias was bearish. Price action was below the recent lower high of $1.21. Interestingly, the lower high coincided with an H12 bearish order block OB of $1.26 – $1.285 (white).
The other two critical hurdles above the immediate resistance are $1.349 and a daily breaker block of $1.40 – $1.46 (red).
The bearish market structure bias could make sellers exploit the immediate hurdle of $1.26 – $1.285 (white). If so, OP sellers could benefit from a 5% shorting gain if the price retests $1.18.
A move beyond the overhead obstacle will be an invalidation of the above bullish bias.
Meanwhile, there was mild buying pressure, as indicated by the uptick in the Relative Strength Index (RSI) at press time. But capital inflows in
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Author: Benjamin Njiri
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