Previously COMP broke out from this long contracting triangle that appears to be accumulation, but as BTC collapsed COMP also collapsed back to the potential accumulative area.
That "Cause" (Wyckoff) should have built up pressure which without a real breakout - the "Effect" has not yet been realised.
But now BTC is low relative to its trading range and if it drifts back up then good chance COMP breaks out here and it could be an explosive Effect after such a long sideways passage.
Also RSI showing hidden bullish divergence on the 4H RSI.
Target is a 1:1 ABC @$614
SL - $303 below recent low = 19R.
SL - $293 below wick = 10R.
Not advice.
That "Cause" (Wyckoff) should have built up pressure which without a real breakout - the "Effect" has not yet been realised.
But now BTC is low relative to its trading range and if it drifts back up then good chance COMP breaks out here and it could be an explosive Effect after such a long sideways passage.
Also RSI showing hidden bullish divergence on the 4H RSI.
Target is a 1:1 ABC @$614
SL - $303 below recent low = 19R.
SL - $293 below wick = 10R.
Not advice.
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Get the "heads up" at critical moments - don't lose your shirt.
$50 per month 👍🏻.
Contact: t.me/dRends35
