Compound Accumulates in Consolidation Between $53.0 and $35.0
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Market Analysis: COMPUSD price abounds in consolidation.
Compound abounds in consolidation between the resistance level of $53.0 and $35.0. COMPUSD price appears to be trapped above the Falue gap as a support. The Bearish order block also resists the price, making the market locked up in the zone.
Compound Key Levels
Demand Levels: $35.0, $30.0 $20.0
Supply Levels: $53.0, $60.0, $86.0
The head and shoulders bearish reversal pattern revealed the price action signal for a price decline on COMPUSD. Before the price action signal, the Parabolic SAR indicator already called for shorts. The points of the indicator switched position to rest above the daily candles in July.
July closed with a rejection candle to support the bearish sentiment. This allowed August to open with a consistent price decline for the first week. The decline paused at $53.0 for a redistribution after which the price decline resumed.
Compound Market Expectation
On the daily timeframe, dwarf candles have formed since the inception of October. This is a signal for a price explosion. A push-up above the Order block at $53.0 will likely foster a bullish reversal. A failure of a bullish displacement would invalidate the fair value gap below the current price to continue the Bearish trend.
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