Before reading, get rid of your moonboy mentality and no emotions for dips/corrections! Cannot rule bearish scenarios! Dips are for buying!!
People are so focused on the hourly/daily timeframe that they get emotional on every dip! Take a step back to the weekly/monthly timeframe and see why I'm so bullish now. Stop looking at the short term dips/rise. Short term...
Downwards breakout price target for ascending triangle was hit. We are now potentially breaking out of this local wedge formation.
The price could be taking the form of a double three combination correction, which consists of two ABC waves (W & X) followed by a final complex correction wave (Y). If this becomes local bottom, it may confirm larger correction wave...
this is my view for BINANCE:COMPUSDT .
BYBIT:COMPUSDT broke up the 4h POC and closed above. Now we are trading at 338 usd targeting 415 - 448 - 578.
Seems to be forming and inverted head and shoulders.
Even though BTC and others are bullish...COMP suffured an exploit and will most likley do some slow bleed out before it starts regaining stronger ground.
Long at 260 - 215....
If 215 get broken we could see some serious issue with comp at the final alt season run. This could also impact other DEFI token that have direct connections with compound as well.
In my analysis it seems there is a second falling wedge, from where COMP kan breakout to reverse the down-trend. Perhaps it will go sideways for a couple of hours/days before it the breakout will happen
Afternoon, with bitcoin trending north it has given time for people to accumulate alts before they follow later on in Q4 when BTC takes a breather from taking out shorts.
Nice and simple chart here looking at the HTF. Compound is sitting nicely at the bottom of its channel which has been the launchpad for its runs in the pass. Has a nice support and resistance...
A possible diamond formation is forming on the COMP/USD chart. Diamond patterns are rare reversal formations and usually are spotted near tops or bottoms. Definitely something to keep an eye on...
See a previous idea of mine when a diamond formation was spotted on the AUD/USD chart:
Estimation of Compound /USD price action over the next month or two. 200 Moving average beginning to curl upward. Barring any bad news events in traditional markets prices should continue to rise over the next month in most cryptos.