Entered comp $70. Comp is superoversold on the rsi on all time frames blown past the elliot wave targets.
Shorting to support taking profit on the short position MM built on this final leg
We've some seriously strong trades from CTv2 with COMPETH over the last 12 months - and this 10% short could be another one!
With the price having recently been rejected creating a descending trend line and the price dropping below a historical level of support/resistance; it looks like we've once again entered the consolidation area which the price has ranged in...
We've had some massive gains with COMP over the last few years, plenty of 30%, 40% and even larger trades, a bit of confusion recently during a slightly more choppy period but profit's profit!
Crypto Tipster v2 is currently showing a Short signal and we could expect to see the price at least reach the nearest level of support at a few percent down, maybe reaching...
Moving into potential reversal zone - BINANCE:COMPBUSD
High pressure zone, with a longstanding resistance. Seeing reversal on the HTF, MTF and LTF indicators.
Potential for a 3+ R:R scalp short with SL, TP #1,#2 & #3 in chart.
Both Price AND Volume have broken down on COMP 1 Hour.
There is a chance of retracement upwards to the Blue trendline on both Price + Volume Indicator (see both red circles)
The Short is waiting at 160.57 (Kucoin)
Good luck!
