COMPUSD 1WCOMP ~ 1W
#COMP This Support Block has so far been able to hold the price of $Comp. Make purchases gradually from here, target at least 20%+
Compusdsignals
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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COMPUSD forming a long-term market bottomCompound (COMPUSD) has been trading within a Falling Wedge since the May 12 2021 High. Since February however, it has been trading within a Channel Up, which is the market attempt to form a bottom.
In order for this to be confirmed as a bottom though, the price needs to break above the 1D MA200 (orange trend-line). If it does, it will be the first time to do so since September 07 2021. In the meantime, the 1D MA50 has been supporting since March 27.
Another bullish structure pointing to a break-out is the fact that the 1D RSI has been on Higher Lows since January 22.
A safe trade would be to buy once the 1D MA200 breaks. The higher Fibonacci levels can be used as rough targets: 0.618 at 380.00 and 0.786 at 535.00
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