CompoundLong
Compound weekly time frame.
Compound has been sideways and consolidating under 77.50 for a staggering 94 weekly bars(candles) which is equivalent to 651 days. COMP has wicked above 77.50 on the weekly time frame a few times but its been short lived. No weekly candle has closed above 77.50 in 651 days but our current weekly candle can potentially achieve it in 5 days.
If Compound starts to break to the upside and play catch up we have 4 major levels we can expect COMP to visit. First area would be 92.61 which is definitely going to be a huge level of resistance. Next we have our purple trend line that could cause a slight rejection. Current price for the trend line is at 113. Could see a rejection off the trend line(113), retest 92.61 area before continuing to the upside. Refueling in other terms.
Last two levels of resistance would come in at 126.75 which again looks like a future strong level of resistance because it was both support and resistance in the past. Lastly our red box of resistance is drawn on the upper candle wick from March 28 2022 which was a high point we plummeted from. Bottom of the red box is 171.50 and top is 175. Current price at 82.01 to 175 would be a 115% gain. That move could come through very rapidly in these amazing market conditions.
When 175 level is achieved we could reassess to see what the market conditions are and what Bitcoin is doing. This will tell us if we should look into ALL TIME HIGHS or for levels of support.
Expect turbulence at these stated levels above. But if Bitcoin continues its impressive parabolic movement the sky is the limit for many of these alts. Happy trading.
If Compound starts to break to the upside and play catch up we have 4 major levels we can expect COMP to visit. First area would be 92.61 which is definitely going to be a huge level of resistance. Next we have our purple trend line that could cause a slight rejection. Current price for the trend line is at 113. Could see a rejection off the trend line(113), retest 92.61 area before continuing to the upside. Refueling in other terms.
Last two levels of resistance would come in at 126.75 which again looks like a future strong level of resistance because it was both support and resistance in the past. Lastly our red box of resistance is drawn on the upper candle wick from March 28 2022 which was a high point we plummeted from. Bottom of the red box is 171.50 and top is 175. Current price at 82.01 to 175 would be a 115% gain. That move could come through very rapidly in these amazing market conditions.
When 175 level is achieved we could reassess to see what the market conditions are and what Bitcoin is doing. This will tell us if we should look into ALL TIME HIGHS or for levels of support.
Expect turbulence at these stated levels above. But if Bitcoin continues its impressive parabolic movement the sky is the limit for many of these alts. Happy trading.
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