- OKB has a bearish daily structure, but it was about to flip Bullishs.
- The rapid revival and the steady purchasing pressure in the past week meant that was probably an outbreak.
OKB [OKB]The exchange of the Crypto exchange Okex has achieved solid profits in recent days. The price rose by almost 35% in the past week, after it had started on 11 March to $ 38.
Bitcoin [BTC] Had also risen by 7% last week.
OKB’s relative power against Bitcoin was very encouraging. Technical analysis showed that there were other encouraging factors for the price action, but swing traders should wait until this important resistance would be broken.
Can OKB bulls reach an outbreak?
Source: OKB/USDT on TradingView
The 1-day graph showed that, although the profit was positive in the short term, the structure of the Beerarish sign remained.
To break the Bullishs market structure, OKB has to close a daily trade session above the recent high -high high at $ 52.05.
The OKB Bulls showed that they had a good chance to achieve this performance. The OBV at Press was near the local highlights from February, which emphasized a strong buying pressure last week.
The RSI also broke over neutral 50 and underlined a bullish momentum shift.
Another factor that points to a potential OKB recovery is the speed of the move. A week ago the 78.6% Fibonacci Retracement level was lost.
However, the buyers were able to make a quick comeback and at the time of the pressure, the exchange of exchange traded above the 50%retracement level.
Swing traders can use a breakout over $ 52 and a subsequent retest to go for a long time, aimed at the following local high at $ 58. Bitcoin volatility can, however, bring OKB’s bullishness out of balance.
Source: OKB/USDT on TradingView
On the 4 -hour graph, a bearish divergence between the Geldstroom index and the price that occurred. Marked in red, it turned out that the price withdrew during the time.
This could see an OKB retreat for local support for $ 48, or even deeper for $ 45.
Bitcoin fell 0.38% in the hour prior to the time time and OKB fell by 3.17%. Although the good covenant with the Bearish -by -views of the market structure, it went against the other findings.
That is why traders can wait for a positive response of $ 45- $ 48, or a movement that goes beyond $ 52, before they go to OKB for a long time. The volatility around BTC made this bullish setup fragile.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer