🔥 OP Parallel Channel Bounce: Looks Quite Bullish!
OP saw an incredible start of 2023. Sadly, after a huge move early in the year, OP has been selling off for most of the months after the initial pump.
However, I see signs that the sell-off is done and that there's more bullishness coming soon, arguably even a new all-time high. Key component of this trade is the bottom support of the parallel channel (the top resistance is a direct copy of the support line)
For the best risk-reward I'm looking at a target of 6.00, potentially 3.00 if you're more risk averse. Stop at 1.2 which is just below the recent low.
In previous analyses I've mentioned that I see more bearish price action coming to BTC, so this trade could function as a hedge. OP is arguably one of the better looking alts at the moment with a lot of potential upside.
However, I see signs that the sell-off is done and that there's more bullishness coming soon, arguably even a new all-time high. Key component of this trade is the bottom support of the parallel channel (the top resistance is a direct copy of the support line)
For the best risk-reward I'm looking at a target of 6.00, potentially 3.00 if you're more risk averse. Stop at 1.2 which is just below the recent low.
In previous analyses I've mentioned that I see more bearish price action coming to BTC, so this trade could function as a hedge. OP is arguably one of the better looking alts at the moment with a lot of potential upside.
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