$OP - SHORT Setup
Entry: 0.2730 – 0.2750 (On rejection from this resistance zone)
Target 1:0.2670
Target 2:0.2640
Stop Loss:0.2765 (Above the 24h high)
My View:
OP is entrenched in a severe and persistent downtrend across all major timeframes,with catastrophic losses over the past year (-94.71%) and 90 days (-39.57%). The price is currently in a weak retracement, approaching a defined supply area. This zone is capped by the 24h high (0.2732) and aligns with a prior breakdown level. The order book shows a dominant Ask volume (67.28%), indicating substantial selling pressure is stacked just above the current price. Price action shows a clear breakdown structure, and the current bounce lacks the volume or momentum to suggest a reversal, appearing corrective within the larger bear trend. The plan is to enter a short position on a confirmed rejection from the defined resistance area, anticipating a continuation of the primary downtrend towards the 24h low and potentially lower support levels.
Bias: Bearish below 0.2750. A break and hold above 0.2765 would indicate a stronger corrective bounce is in play.
Disclaimer:My plan. Not advice. Trade your own risk.
