COMPBTC trade ideas
Compound (COMP) vs BTCOn the above 1-day chart price action has corrected 40% since early July. A number of reasons now exist to be bullish, they include:
1) Price action resistance sees breakout after 63 days (pink line).
2) A ‘incredible buy’ signal was recently printed.
3) Price action made an impulsive move to the upper side of the Bollinger Band (not shown here).
4) Multiple oscillators are diverging with price action (purple circles).
5) The weekly chart (below) is printing an ascending triangle. It has yet to breakout, however I would have no issues going long based on the daily chart alone.
Is it possible price action falls? Sure.
Is it probable? Very unlikely.
1st target is 14k sats
2nd target? That happens after the weekly chart breakout. I’ve no idea.
Good luck!
WW
Weekly chart
Great on the BTC pair.Bottoms. Nice long MA downward slopes recently, just what you want to see. Cant really argue on this one from a TA perspective for a buy. With BTC on a downward short term, could get worse, but its not a turd project and one of those that might rally like it did before, or at least a more optimistic gain from here. Like the 20 MA, just upturning and price challenging the area. Usually a good at least short term price action reversal. Not a lot to dislike here when you see the pink bottom and possible inverse H&S that didnt play out last time, but right idea and good sell area on the last missed trade. Might just fly from here as well like before. Making higher lows, higher highs last week or so and still 10% gain if it headbutts the 50MA, double the BTC if it hits the 200MA.
Oacillators also look good for some continuing upward action.
Alts pump stated - Ex CompHello,
Here is what I have identified, based on one of my own custom indicator.
My indicator called DCA Daily Buy (but also working on 12, 4h, 1h, with adujsted settings), supposed to help me identify bottoms on big coins : BTC, ETH, LINK, LUNA, COMP, SNX, and some others, vs USDT.
I have found by mistake that vs BTC, my indicator was already flashing sigals to buy.
And when I compare for example compusdt and compbtc, I see that when compbtc start to move up, compusdt also moving up, soo I have set some buy order... :)
compbtc :
compusdt :
CompBTC Compared to CompUSDT :
Compound COMPBTC - Bullish rectangle + Descending channel- Compound - COMP Rank #57 on coinmarketcap.
- On the chart we can spot a huge bullish rectangle, which will break up very soon!
- Also we can see a descending channel, which is also ready to break up!
- Profit target is below ALL TIME HIGH
- For expected duration of the trade, probability, stop loss, profit target, entry price and risk to reward ratio ( RRR ) - please check my signature below ↓
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- See my related idea about COMPUSDT below in the related section.
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COMP Really loves this formationI recently made a post on COMPS affection for the inverse H&S
This current one, a bitcoin pair is showing the same signs however with a slight difference on the positioning of the head
Hopefully a bounce back into the channel and further upsides to come
I am long COMP
