COMPUSDT trade ideas
COMP | Seems like Ready to FLY..!!
#COMP Descending Channel Formation in Higher timeframe Chart..!!
Major Trendline Resistance getting Weaker & Buying Volume Coming in, Expecting Breakout.
In Case of Upside Breakout, Expecting 2-3x Bullish Rally in the Midterm..
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COMP long @ 49.00 10x leverageCOMP is consolidating heavily on lower time charts. I am opening a scalp long. I may add onto this position as time goes on.
Momentum indicators, MACD and TSI are signaling a consolidation of price action on the 30m.
We're within our Keltner Channel so we have support beneath us.
Lower time charts are signaling a small move up before our macro move down.
#COMPUSDT 1DAY Chart Trade setup: Trading in a Sideways Channel ($50-$70). Swing trader: can trade the channel (Enter near $50 support and Exit near $70 resistance).. (set a price alert). On August 30, Compound released version 3, which is a major upgrade to its lending DeFi protocol.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bearish ( MACD Line is below MACD Signal Line, and RSI is below 45).
OBV (On Balance Volume): is declining, indicating that volume on Up days is lower than volume on Down days. Hence, demand (buyers) is below supply (sellers).
Support and Resistance: Nearest Support Zone is $50, then $30. The nearest Resistance Zone is $70, then $100.
COMPUSDT is inside a massive descending channelThe price is creating a descending channel inside a main ascending channel on the daily timeframe.
Now the price is testing an important support at 53$
How to approach it?
IF the price is going to have a breakout and retest the current resistance as new support, According to Plancton's strategy , we can set a nice order
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Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ black structure -> <= 1h structure.
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Follow the Shrimp 🦐
Compound (COMP) - Ridiculous move soonOn the above 1-week chart price action has corrected 95% since May 2021. A number of reasons now exist to be bullish, including:
1) A strong buy signal prints (not shown). If you want to see, just ask.
2) Price action, RSI and MFI resistance breakouts.
3) Regular bullish divergence.
4) Everything that was said above is also true for the BTC pair.
5) Price action prints the higher low on the golden pocket following point #2. Look left!
Is it possible price action falls further? Sure.
Is it probable? No.
Ww
Type: trade
Risk: <=6% of portfolio
Timeframe: Don’t know.
Return: $800 / 1400%
Stop loss: None