Compound (COMPUSD) Heads Into Discount As Market Structure Remains Bullish
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COMPUSD Analysis: Heads Into Discount as the Market Structure Remains Bullish
COMPUSD heads into discount as the market structure remains bullish. The market is currently heading downward, as shown by the Moving Average Convergence Divergence (MACD) indicator. Yet, due to the price’s movement toward the $40.60 level, the market structure remains bullish on the daily chart.
COMPUSD Significant Zones
Demand Zones: $40.60, $26.20
Supply Zones: $97.70, $174.90
Following the invalidation of the previous low at $46.70, the COMPUSD is currently pointing downward. The invalidation occurred because buy-side liquidity was grabbed at the previous high. As of last year, the price was seen descending the crest, and up until it struck the $40.60 level, COMPUSD was declining with increasing momentum. As the price reached the $40.60 support, the momentum drastically decreased, and the price started to settle inside the Bollinger Bands. After the consolidation, the price suddenly dropped to break the market’s structure before an aggressive rally to the upside.
The $40.60 resistance was rendered invalid by the sudden upward expansion. The upward extension of the Bollinger Bands signaled a rush of buyers into the market. The current price range of the market lies between $29.90 and $63.80. The price consolidated once more as the bears prepared to sell after the quick upward expansion. The distribution period appears to have ended since COMPUSD is already pointing downward. The mitigation block at the discount may reject the price upward because the market’s overall trend is still bullish.
Market Expectation
The four-hour chart of the market shows breaks of structures to the downside, which indicates that the market is currently bearish. After reaching the premium array, COMPUSD is anticipated to keep diving downward.
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