COMPUSD trade ideas
Comp vs USD on Golden ratio*disclaimer* I don’t keep a position in this project so please do your own research. If you’d like updates on this TA, just leave a message below!
Following a healthy market correction of almost 50% price action finds support on the golden ratio (0.786).
Facts of the 1-day chart:
1) Stochastic RSI is oversold and indicating an increase in momentum. Bullish divergence is now visible on the 8hr chart (below), which complements the daily chart very nicely.
2) MFI resistance is broken just as before following an oversold period = bullish
3) The 1-day Bitcoin chart (bottom)is also showing healthy retracement with support on the golden ratio.
4) It is interesting with point (3) that price action now finds support on previous price action resistance (Orange line).
Good luck!
8hr USD chart
1-day Bitcoin chart
Bullish signs but will the market keep plunging COMP?There are double bottoms on all major time frames except the monthly and this is a bullish reversal pattern. The neckline is at about 145 USD and the measured target is at about 170 USD.
There is also bullish divergence on these major timeframes so if it plays out, it can be a catalyst for a reversal. But with the market conditions right now, it may or may not play out.
*Let me know in the comment section if you agree or disagree, would love to hear your ideas too.
*These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.
COMP is a longPretty self-explanatory chart setup here. The pump has just begun with that last swing it seems.
TP1 should be the last top, if market continues to be bullish in general we can expect $400 or more.
COMPUSD guess again #4Looking to ultimately retest the local highs, with intermediate targets on the chart. The market as a whole looks very bearish, so I wouldn't be surprised to see it dip down to the $120 zone at some point, but the support here is reasonably strong so it should at least put up a fight. If the support in the $140s breaks down easily, it will erase my confidence in this setup.
COMP Inverted Cup & Handle - my first short?New to trading and still learning to properly chart, but spotted this inverted cup & handle that looks like it may play out soon for COMP.
Thinking of shorting the break down at $146, then measured move down to $110-120.
Am I think about this correctly?
Thanks. :)
COMP at a critical pointHere to learn. first chart.Price should hold the uptrend line.
If it holds, then may rise to 165.
Not financial advise.
Short Term Bearish On COMPUSD - PULLBACK PREDICTIONSCOMPUSD has been on a tear these 2 days and looks too overextended on the 12HRs and under hourly timeframes
The bearish case:
1. Market structure: price action got rejected at the 78.6% Fib level, which is at about 270 USD.
2. Volume: the rejection at 270 was with decent sell volume , which is at about the same volume with the previous 2 green candles.
3. RSI: in overbought territory on all major time frames up to the daily, bearish divergence is apparent on the 6 and 12HR
Prediction: expecting a pullback to at least the 240 level before making another attempt at the 270 level. If a fail attempt happens at 270 and a double top plays out, the measured move of the drop will be 210 USD.
The bullish case:
1. A successful attempt to breaking 270 , but the RSI on the 4, 6 and 12HR still need a cool down. So this is not a strong bullish case to me without a decent pullback.
COMPUSD Setup - Market Structure, Volume & Checks Out For BullisCOMPUSD has broken out of the previous falling wedge pattern with a target indicated in the chart. It has also recently broken out of the larger timeframe moving averages as resistance. Volume shows increasing buyer volume on increasing price, with RSI on larger timeframes under 70, which makes the case it can go higher.
COMP.usd Near-term Support Resistance: Compound Retrace WatchMarket-wide pullback took Compound with it, but still remains bullish.
Mapped are Support and Resistance Zones to be observed for more clues.
Sure that is a lot of lines and zones, but each one WILL react so be ready.
$ 203.84 - 205.85 is KEY support that bulls really need to hold.
$ 189.01 - 191.33 is a possible target for a sub-200 Stop-Hunt wick.
$ 225.01 - 227.84 is key resistance to break to have any breathing room.
COMP perfomance, long 45% profitsSo we tooke 2 signal, the first one 100% swing trade and the second one 45% and still goin!
i think Comp is going for at least double the price.
COMP/USD - Bullish Pattern Developing, buy the retraceCup and Handle pattern developing on a GREAT coin, COMP - the first Yeild Farming coin, looks like we might have a retrace - shooting down to 50% (doesn't have to be that big of a retrace)
Once the retrace breaks, we will check the fib level we shot off of, and if its a Fibonacci Trade, this is a no brainer.
COMP/USD towers above major cryptos like Bitcoin eying $260
Compound begins the new month in style, breaking above $250.
Compound must rise above $260 to sustain the bullish case and avoid a potential double-top pattern breakdown.
Compound, one of the major decentralized finance (DeFi) tokens is a consistent upward roll following the key support embraced at $160. The support came in handy after the token spiraled from highs above $260 (a high formed on August 12). The decline was also consistent with various tentative support areas at $220 and $200 and $180 failing to rise to the occasion.
Compound is among the leading cryptocurrencies in the DeFi ecosystem. It is an Ethereum based token mainly used for lending. According to DeFi Pulse, an aggregator platform, COMP is currently the seventh-largest DeFi token. About $766 million of funds are currently locked in in Compound, trailing protocols like Yearn.finance and Synthetix. Aave continues to dominate the DeFi space with $1.52 billion in total locked value followed by Maker at $1.48 billion.
Compound technical Picture
At the time of writing, COMP is hovering at $250. All eyes are locked on breaking past the next key hurdle at $260. With the Relative Strength Index (RSI) moving higher above 70, there is a high probability that the token would in the near term climb above $260. The same bullish scenario is supported by the Moving Average Convergence Divergence (MACD). Besides, extending the action higher within the positive region, a bullish divergence above the MACD signals that buyers have the upper hand.
On the downside, if the resistance at $260 is not broken, an early spotted double-top pattern could pull Compound downwards, retesting possible support areas at $220, and $200. Meanwhile, seeking support above $250 or even $240 should be key among the bulls as it would give them an opportunity to stage a formidable attack on $260 and $280 respectively.
Compound Intraday Levels
Spot rate: $248
Relative change: 5.10
Percentage change: 2.27%
Trend: Bullish bias
Volatility: High
#COMP risk if given chancegonna wait for this to retrace or breakout & retest, longing here doesn't have good R:r
COMP breakoutI should've posted this sooner. But, I drew the blue lines and the resistance below about 3-4 days ago. COMP was looking to break out, and obviously, it did now. However, it could possibly keep running. Hard to gauge right now, still holding.
Positions: I bought at $175 average
Areas To Watch...Somewhat new coin with barely any resistance above could potentially go into price discovery, key levels marked.
COMPUSD guess again againCOMPUSD hit my buy targets, but the support line morphed to shakeout weak hands. I think we will retest $275 resistance. If the support line breaks, I'd sell and rebuy at the next support level in the $140s. Let's see what happens.
COMPOUND (DeFI is in the rage right now)Updated View On COMPOUND (24 APR 2020)
Decentralized Finiance is all in the rage right now.
Since Compound project is supported by Coinbase, it has reputation.
Let's see how high it can go. I am bullish on this.
DYODD, all the best and read the disclaimer too.
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Thank You!
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