COMP could 50% pump from here , if this pattern break !
Hello trader .
let's start with the daily chart :
before we talk about the details , i like to show you this similarity in the chart ; as you can see , previously COMP created this pattern and after break it , started to rise about 100% .
now we have similar pattern which called rising wedge , and if price could break it in my opinion could easily reach the target , which is the top of the wedge , but lets look at the 4H time frame for find more details :
as you can see this is very beautiful rising wedge , because we have so many touch points in the downward trend line , and at least 3 touch points at the upper trend line .
if you look at the RSI you can see clear bullish divergence between RSI and the price , in my opinion this is very good sign of the trend reversal , because we have rising wedge pattern above the weekly support , and now also can see bullish divergence .
if we zoom in a little bit , we can see price already break the upper resistance line and also break above the ema ribbon , with huge amount of volume , the only thing we need is that break above the previous rejection point , because for now it seems that COPM price have good signs of trend reversal ; but where is the potential price targets :
as you know the technical target of the rising wedge , is the top of the wedge , but we have some resistance area in the way to the up :
if we draw fib retracement tool , we can find resistance area , the first one which is very alignment with the daily structure (blue box) is at 0.382 . but you can take profit partially in the way to the up .
I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for watching my ideas
let's start with the daily chart :
before we talk about the details , i like to show you this similarity in the chart ; as you can see , previously COMP created this pattern and after break it , started to rise about 100% .
now we have similar pattern which called rising wedge , and if price could break it in my opinion could easily reach the target , which is the top of the wedge , but lets look at the 4H time frame for find more details :
as you can see this is very beautiful rising wedge , because we have so many touch points in the downward trend line , and at least 3 touch points at the upper trend line .
if you look at the RSI you can see clear bullish divergence between RSI and the price , in my opinion this is very good sign of the trend reversal , because we have rising wedge pattern above the weekly support , and now also can see bullish divergence .
if we zoom in a little bit , we can see price already break the upper resistance line and also break above the ema ribbon , with huge amount of volume , the only thing we need is that break above the previous rejection point , because for now it seems that COPM price have good signs of trend reversal ; but where is the potential price targets :
as you know the technical target of the rising wedge , is the top of the wedge , but we have some resistance area in the way to the up :
if we draw fib retracement tool , we can find resistance area , the first one which is very alignment with the daily structure (blue box) is at 0.382 . but you can take profit partially in the way to the up .
I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for watching my ideas