- Optimism: Not just the name, but also what you’ll need if you’re holding bags right now 👜😬
- Sellers in charge, buyers weeping softly: short squeezes near $0.62 may yet entertain us
Somewhere in the wild, wild steppes of crypto-land, Optimism [OP] bravely decided to test the mysterious concept called gravity. It plummeted by a dizzying 29% across ten days (yes, little Ivan counted thrice, and still didn’t believe it), making all the gains from 9 to 26 April look like nothing but the fleeting dreams of one who eats pickled herring before bed.
At this moment, vendors, with the relentless determination of babushkas elbowing their way through cabbage sales, are running the show. Further losses, you say? Why, that’s as inevitable as the taxman’s arrival at a landowner’s funeral (except less polite).
But wait! Bitcoin [BTC], that noble yet capricious tsar, might yet decide to smile grandly, tipping the scales and sending OP’s fortunes to somewhere above the local tavern floor.
Optimism’s Bulls: As Brave as Cats in Bathtubs
The daily structure of this miserable tale is about as bullish as the weather in November. The price couldn’t even manage to poke its nose beyond $0.92, last seen in more optimistic (ha!) times of mid-March. After an ill-fated attempt at $0.842, our mighty OP bulls were met with the enthusiasm of a village tax collector at a drinking contest—swiftly sent packing. 🐂💨
The result: a 29% drop in ten days. The OBV? Sadly, it wandered back to early April’s levels, as if homesick for better times. The Awesome Oscillator, despite its name, offered all the excitement and optimism of a wet loaf of bread by dropping below zero. Momentum and structure seemed united in their mutual affection for pessimism.
The market: bear-shaped. Swing traders and investors: contemplating song, verse, and perhaps, long winter naps. Should the price flop beneath $0.59, all signs point to a balmy excursion down to $0.51—where perhaps, optimism might find a new low to be optimistic about. Short sellers, on the other hand, are peering hungrily at any retest of $0.59 for a tasty entry. 🍽️
The 1-month liquidation map: a painter’s rendering of chaos, with chunky high-leverage short liquidations smirking above the current price like mischievous nephews at a family dinner. Though the charts resemble a Dostoevsky novel in mood, the presence of untapped liquidity might serve up a feeble price bounce for our entertainment.
The region between $0.6 and $0.63? In the immortal words of the mustachioed barber Petrovich: “Not pretty, but still worth inspecting.” A bounce could lure in the ever-patient short seller. Just keep an eye on BTC, because when Tsar Bitcoin sneezes, little OP is likely to catch a cold. 🤧
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2025-05-08 09:22