Optimism (OP USDT) is consolidating in the short term on both timeframes. Upside remains limited until a close above key resistance levels. Support levels could provide buying opportunities on a retest though downside risks remain. Overall, price action lacks directional clarity and breakouts will offer better trade signals.
Contents
For a more in-depth technical analysis across different timeframes, please click the link to view the identified levels of support and resistance, trends, and reversal patterns on the weekly and daily charts.
4 Hour Timeframe
- OP is trading between the 0.618 and 0.786 Fibonacci retracement levels, showing short term consolidation.
- Immediate resistance is at Resistance Zone 1 of 3.911. Support lies at Support Zone 1 of 3.418.
- Demand Zone 1 between 3.240-3.093 provides good support.
- Bullish Fair Value Gap from 3.240-3.500 earlier now acting as resistance.
Support and Resistance Levels
Resistance Zone 1 | 3.911 |
Support Zone 1 | 3.418 |
Fibonacci Retracement Levels
0.382 | 3.514 |
0.50 | 3.433 |
0.618 | 3.353 |
0.786 | 3.239 |
0.882 | 3.173 |
Demand Zone
Zone Number | High | Low |
Demand Zone 1 | 3.240 | 3.093 |
Fair Value Gaps / Imbalances
Gap Number | High | Low |
Bullish FVG 1 | 3.240 | 3.500 |
1 Hour Timeframe
- Trading within 0.618-0.786 Fibonacci range, continuing sideways action.
- Bullish Fair Value Gap from 3.189-3.414 offers support for now.
- Demand Zone 1 from 3.189-3.093 reinforces underlying support.
- Resistance at 0.382 and 0.50 Fibonacci levels of 3.352 and 3.434 respectively.
Fibonacci Retracement Levels
0.382 | 3.352 |
0.50 | 3.434 |
0.618 | 3.515 |
0.786 | 3.628 |
0.882 | 3.693 |
Demand Zone
Zone Number | High | Low |
Demand Zone 1 | 3.189 | 3.093 |
Fair Value Gaps / Imbalances
Gap Number | High | Low |
Bullish FVG 1 | 3.189 | 3.414 |