Hello Everyone,
While most of the DeFi products made significant returns back in summer, most of them began to decline and continue to downtrend for a while now and Comp is not an exception. Made lower lows and lower highs since September, Comp finally managed to make a retracement to 117-120 level but met with a significant sell power around 118. After the rejection, the price tested the 110 level first and crossed under that support level, and now retesting it. Since altcoins are all tied to bitcoin and bitcoin dominance, most of them get affected by strong BTC up or down moves immediately. So, in order to speak for an uptrend, the price should crossover 118 and should make a close along with a retest. This level also acts as a midline between 125 and 110 levels, so the whole area could be considered as a range.
All in all, rather than looking up for swing longs or swing shorts, traders could setup entries and benefit from the level to level scalp trading of course with their own consent and proper risk management.
While most of the DeFi products made significant returns back in summer, most of them began to decline and continue to downtrend for a while now and Comp is not an exception. Made lower lows and lower highs since September, Comp finally managed to make a retracement to 117-120 level but met with a significant sell power around 118. After the rejection, the price tested the 110 level first and crossed under that support level, and now retesting it. Since altcoins are all tied to bitcoin and bitcoin dominance, most of them get affected by strong BTC up or down moves immediately. So, in order to speak for an uptrend, the price should crossover 118 and should make a close along with a retest. This level also acts as a midline between 125 and 110 levels, so the whole area could be considered as a range.
All in all, rather than looking up for swing longs or swing shorts, traders could setup entries and benefit from the level to level scalp trading of course with their own consent and proper risk management.