![Calculating the odds of Optimism [OP] sliding down to $2 this week](https://i.headtopics.com/images/2023/3/9/cryptoamb/calculating-the-odds-of-optimism-op-sliding-down-t-calculating-the-odds-of-optimism-op-sliding-down-t-1633582616959139841.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion The bias seemed to be firmly bearish on the daily chart Lower timeframes also showed strong bearish sentiment Optimism [OP], at press time, was trading near its lowest point, a level it reached on […]
Owing to the uncertainty around Bitcoin and the sentiment across the market, it appears likely that OP could see further losses over the next two weeks. And yet, another bounce towards $2.5 can not be discounted.The 4-hour charts showed a clear break in the market structure on 3 March, when a higher low on the chart was breached. The same level was later retested as resistance before further losses. At press time, the price sat atop the most recent lower low at $2.
Hence, there are two possible trades – A more conservative approach would be to wait for OP to retest the bearish order block at $2.45-$2.55. A rejection from that zone could be used to enter a short position, with invalidation above $2.59.
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