Compound (COMPUSD) Dives Downward As It Aims For Buy Orders At Discount
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COMPUSD Analysis: The Market Dives Downward As It Aims For Buy Orders At Discount
COMPUSD dives downward as it aims to buy orders at a discount. Since the successful delivery of the price from the $29.90 demand zone to the $63.80 supply zone the market is bearish. However, as indicated by the RSI (Relative Strength Index), the price of the Compound is about to be extremely low.
COMPUSD Significant Zones
Demand Zones: $35.70, $29.90
Supply Zones: $47.00, $63.80
Before the upward delivery into the $63.80 supply zone, COMPUSD was in a bearish environment. A bearish marubozu candlestick broke the previous $47.00 support as the bears invaded the market. The breakout led the price down until a consolidation phase ensued. The consolidation phase caused a break in the downward flow as a redistribution occurred. Following the redistribution, prices again dived lower. From the $29.90 demand zone, some buy orders were filled, and the price aggressively expanded upward.
Initially, a bullish order block formed as the price delivered upward. The upward delivery is engineered to return the price of the Compound to its premium. Immediately after hitting the $63.80 supply zone, COMPUSD sank downward. The price dived deeply to hit the $35.70 support level, where an intermittent-term low formed. COMPUSD retraced upward to trigger more short positions at the breaker block around the $48.70 price level. While the market environment remains bearish, the price appears to be heading into a bullish order block.
Market Expectation
A structure break has occurred on the four-hour chart as the previous low at $33.60 broke. COMPUSD is currently heading into the daily bullish order block. As the price enters the order block, a significant rally is likely to occur afterwards.
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