![Optimism [OP] is up 20% – Are more gains likely?](https://i.headtopics.com/images/2023/6/22/cryptoamb/optimism-op-is-up-20-are-more-gains-likely-optimism-op-is-up-20-are-more-gains-likely-1671753634160209924.webp)
Optimism [OP] could reverse June losses if it retests previous range-high, provided BTC doesn't ....
surprise foray into the $29k zone despite the overhung of the Coinbase and Binance lawsuits. If the bullish sentiment persists and BTC holds its ground, OP could offer extra gains.In late May/early June, OP traded sideways within the $1.35 – $1.54 range . But it breached the range and dropped lower on 10 June after BTC retested $24k. After that, it entered another narrow consolidation range of $1.07 – $1.18 .
BTC’s surge to $29k tipped OP to inflict a bullish breakout from narrow range formation. At press time, price action has retested and broke above the previous range-low of $1.35. However, a price rejection was likely from the mid-range of $1.44 if bulls cooled from the rally. A pullback retest on the range-low of $1.35 could offer new buying opportunities, targeting the mid-range and the previous range-high of $1.54.
A drop below the range-low and subsequent close below $1.27 will invalidate the bullish thesis. Such a drop could see sellers fight for control and likely devalue OP to $1.18. In the meantime, the Relative Strength Index hit the overbought zone. Additionally, the On-Balance Volume registered a sharp spike, highlighting extreme buying pressure and demand, respectively.The liquidation metric indicated a strong bullish sentiment and favored bulls on the futures market front. Furthermore, over $150k worth of short positions have been wrecked on the four-hour timeframe.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Your daily horoscope: June 20Your daily horoscope
Read more »
Gold market analysis for June 20 - key intra-day price entry levels for active traders
Read more »
Bitcoin June 20 daily chart alert - Bulls regain some strength
Read more »
Kitco daily macro-economic/business digest - June 20
Read more »
Tuesday's Charts for Gold, Silver and Platinum and Palladium, June 20Get the Big Picture view on gold, silver and other precious metals markets with Kitco Senior Analyst. With thorough analysis, get a sense of today's market as well as where it may be heading. Be in the lead.
Read more »