Credit: Original article published by Coingape.

Compound (COMP) price has entered price discovery mode following Bitcoin and LINK. Key takeaways from today’s Daily COMP price analysis.

  • Local S/R and Bullish Volatility Expansions
  • Structural S/R Breached with Fibonacci Extension Targets
  • Volume Influx & RSI Bullish Control Zone

COMP Price Analysis: COMPUSDT Price Action Daily Chart

Chart by Tradingview

Preluding to the chart above, COMP Price Action found acceptance above the Local S/R before a strong expansion. This acceptance confirmed a Local S/R Flip Retest in a volatile zone, showing strength in the immediate short-term.

The Structural S/R was immediate resistance that got breached with conviction, allowing for COMP Price Discovery. Price Action of current is testing Key Fibonacci Extension targets that are posing as resistance.

A rejection of the 1.414 Extension has occurred, increasing the probability of a relapse into the Structural S/R for a flip retest confirmation.

The current Volume Profile is reading a clear influx as this rise in COMP price Action came to fruition. It is important for Price Action to have sustained follow through, failure will be indicative of weakness. The RSI is currently maintaining its Bullish Control Zone, remaining in these regions is acute for further upside.

Hope this article helps when making discretionary decisions.

The post Compound (COMP) Price Analysis: Bullish Volatility Expansion into Price Discovery, Structural S/R Breached with Conviction appeared first on Coingape.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency



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