In August, COMPBTC exhibited a precise bounce off the 78.6% Fibonacci support level, marking a significant turning point. Subsequently, the price has primarily traded within a range, all while staying below the downtrend trendline. However, a noteworthy development is the emerging pattern of higher highs and higher lows, hinting at potential preparations for an upward rally.
With the ongoing respect of the Fibonacci support, the scenario suggests a potential price surge towards the crucial supply zone, aligned with the 78.6% Fibonacci resistance level. We've established our trade setup, which boasts a favorable risk-to-reward ratio. As we closely monitor price action, we'll keep you updated on any noteworthy changes.