Going downDefinitely in a downtrend. Resistance at $170-$162. If we go past that, we will retest bottom.
COMPBULLUSD trade ideas
My Bullish Scenario for COMP/USD 4h chart.COMP just broke the trendline in the descending channel and if the support holds I expect it to go up.
Disclaimer: This is not a financial advice. I'm fairly new to trading and I'm just publishing my ideas for learning purposes. I'm open to any form of criticism.
Other Fibonacci pattern for Compound & why you should be a bullUsing the Fourth of July low as a bottom (as opposed to the starting price), we see nice Fibonacci lines as well. Note that the chart has bounced several times at the $245.50 level, so expect to see tough resistance there on the way back up. If/when we eventually surpass our prior early peak, we could see prices up to $514.90 or even more optimistically $732.85.
My reasons for being bullish in the long term are simply that I believe the Compound protocol itself is something that is only going to catch on to a wider audience as time goes on. I see a future where Venmo users switch to paying each other with smartphone apps that use stablecoins, and those stablecoins gain interest through the Compound protocol when they are sitting idle. Such apps already exist, but they have yet to be discovered by a broad mainstream audience. As of this writing, the iPhone app Dharma has 4.4 stars, but only 72 ratings. People love it, but most haven’t discovered it yet. The benefit of gaining interest with the Compound protocol has already been realized by crypto users, and there is a clear path to its realization by the mainstream public through smartphone apps.
The recent change in Compound rules made it so that crypto users could not milk the system by “yield farming” with an exorbitant number of BAT tokens gaining interest at over 20%. The change in rules now means that stablecoin users have more to gain from using the protocol. This means two things that are very promising for the long-term future of Compound and for the COMP token itself as an investment:
1) Smartphone apps that utilize Compound and stablecoins will allow the mainstream public to pay each other with stablecoins, which unlike money in a Venmo account, gain interest, but unlike cryptocurrency, don’t come with confusing conversion rates and volatile price swings.
2) The demand for the COMP token will be driven by the incredible power that it gives token holders. A few days ago, BAT token in Compound was gaining >20% APR. Yet a single decision made by COMP token holders changed the rules such that BAT currently receives 0.10% APR. That demonstrates that COMP token holders collectively have an enormous amount of power. In theory, supporters of a specific altcoin project could try to buy up as much COMP as possible in hope of being able to affect such a decision in a way that favors their coin’s APR, with hopes that doing so would lead to increased purchase of their token. Thus, owning COMP tokens gives its owners incredible power over the Compound financial system and, as an ever-expanding pool of people use this system (for reasons stated above), the desire to own COMP will increase, driving up demand and thus driving up the price of COMP.
“When you think about every bull market, there’s one common thread: an expanding universe of people who own it.”
-Paul Tudor Jones
“Be fearful when others are greedy and greedy when others are fearful.”
-Warren Buffett
Give up on Compound??So, you gave into FOMO. Compound was shiny and new, exploding onto the scene. You surely were the first one to notice, since it had only been trading for a few days, and that makes you an early adopter. But ... it turns out that bubbles crash. You bought high. Now you’re frustrated and thinking of selling — selling low. DON’T! The same reasons you thought this was a good long-term investment are still reasons.
As per usual, Fibonacci will determine where this goes. Here are the Fibonacci lines. We can see that we are currently testing *two* resistance lines! If these both break, expect good things. Which Fibonacci lines it stops at next, no one knows, so I’ve drawn out a few guesses with arrows.
You bought on a bubble. It’s human nature and you’re human. Now it’s time to ignore the urge to sell low. You know that Compound is revolutionary and, yes, you are an early adopter. Stick it out. Or maybe buy a little more. Outsmart the other humans with math!
UPDATE ON COMPCheck out my previous weekly chart. This is my wave prediction till the 9th.
DEFI has changed the game...interest is the name of the game in the financial world and it just hit the crypto world in a big way with COMP.
we might see cash ins....so 200s will be scary but this long term can hit the $500s. COMP now holds more market cap on DAI then in existants (FARMING!). look it up you dont know.
once again this is not financial advice. Good LUCK!
Comp Short Term Short - Classical Middle Finger Pattern.Crypto whales are in the process of forming the classic middle finger pattern on the Comp chart indicating a retest of the recent 163 local bottom.
The pattern is very similar to the BART and FireWorks patterns, often seen during bubble-like trading prior to large crypto dump due to bulls and bears having very diverging opinions on the underlying value of an asset.
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Compound out of the woods yet?There is a big possibility for Comp not to be as correlated to BTC ,as other ALTs, therefore it may retest its previews highs ,one again, then at the and of the year , moon with the Ethereum Network upgrades
This is not a financial advice
Use an exchange that provides liquidity , and use a stop loss
This project is big ,can disrupt classic finance , is also a good entry for the investor type of traders out there
COMP tentative longHello everyone
Looks like a tentative buy on the RSI. Additionally, this confluence of fibs (spirals, channel, retracement/extensions) leads me to believe a move up is imminent.
It's also quite possible that the price moves to the .618 and breaks sideways through the confluence of spirals.
I'm not a master at fib spirals; any criticism or advice would be appreciated!
*This is personal analysis and not intended to be trading advice - I am not responsible if you lose your funds trading this idea.*
Conpound 7.3.20Rip to the new guy who told me that research has proven that a Conbase Listing will pump a token to the MOOOONNNNN!!!!
Then he told me at 300 he is holding strong for the reversal......Lesson learned here. Dont buy a coni that has pumped almost 7x and expect it to keep going bc of an exchange listing. Poor guy wont even respond to me now. If you read this i was only looking out for you bud. I was once that guy long ago.
COMP chartI'm no professional but I'm knowledgeable. I believe $170 was our baseline. I see this possibly going to the mid $200 in the next 2 weeks. COMP seems to move down due BTC/SECURITIES & fear (covid-19).
The DEFI network or the main use of COMP is increasing (FARMING). Sure there are high fees and congestion (GAS/ETH/DEFI) right now but it will all clear out as long as the global economy doesn't see a major set back.
Short term if BTC continues sideway I can see COMP COIN in the $198.00 for a bit. Microsoft also announced the ETH/DEFI network would be the first stepping stone for future progress.(Chico Crypto references the proper papers on youtube).
I base all my charts off the 2/4HR time table
....This is purely my own speculation and should not be taken as financial advice....
Compound (COMP) - June 30Hello?
Dear Traders, Nice to meet you.
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Make sure you can get support at point 227.8.
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** Check support, resistance and abbreviation points.
** Support or resistance is based on the closing price of the 1D chart.
** All descriptions are for reference only and do not guarantee profit or loss on investment.
COMP Targets Next few daysHere you'll see the gradual growth and volume picking up where it started at launch. We should see $300+ in the next couple weeks.
Just swingsLooks like it's mostly to the upside, but I wouldn't be surprised if we hit low 200's again. There's still a 10% difference between the 2 resistances so we'll see how long this pattern can hold on.
COMPOUND LISTED ON BINANCE !COMPOUND will be available on Binance
Possible retest of the previous important levels before a down continuation
For now the chart looks bullish !
COMP - Full retrace incoming? Looks not as good now as before, has dumped 44% and weakly bounced. If it loses 200 level, it will completely roll back.
I think if bitcoin continues to fall or sideways it will dump.
Plan to short a retest of the $240 resistance.
The biggest supply APY:
06/21: BAT : 25.45%; for USDT it's 0.1%. COMP: $350
06/21: BAT : 25.28%; for USDT it's 0.15%. COMP: $217
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Information is just for educational purposes, never financial advice. Always do your own research.
