COMPUSD Ranged trading and buy if this level breaks.
Compound (COMPUSD) is rebounding after the initial rejection on the 71.500 Resistance that goes all the way back to the August 10 2022 High. As long as it holds, we will trade within that and a Higher Lows trend-line. The 1D RSI pattern is identical to the January 15 - 30 peak formation, which also traded in range before the 1D MA50 (blue trend-line) broke and completed a nearly -40% decline.
As a result, if the 1D MA50 breaks again, we will calculate a rough -40% decline from the last High, most likely that will be around 45.000.
A 1D candle close above the Resistance though, will be a bullish break-out for us and we will target a potential 1W MA100 (red trend-line) test at 100.000.
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As a result, if the 1D MA50 breaks again, we will calculate a rough -40% decline from the last High, most likely that will be around 45.000.
A 1D candle close above the Resistance though, will be a bullish break-out for us and we will target a potential 1W MA100 (red trend-line) test at 100.000.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
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