Compound (COMPUSD) Rallies Within a Rising Flag as the Order Flow Remains Bullish
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COMPUSD Analysis – Price Rallies Within A Rising Flag As The Order Flow Remains Bullish
COMPUSD rallies within a rising flag as the $93.40 price level remains the target for the bulls. The rising flag began near the end of January, following a massive expansion from the discount. Apparently, according to the Moving Average Convergence Divergence, the bulls are in total control of the market.
COMPUSD Significant Zones
Demand Zones: $40.50, $26.20
Supply Zones: $93.40, $174.90
Following the rebalancing of the market’s inefficiency back in June 2022, COMPUSD extended further to the $70.60 price level to form a double top. After the formation of the double top, the price’s overall direction was bearish throughout the remaining months of 2022. Price declined concerning two falling trendlines acting differently as support and resistance. Price continued downward until the bullish order block formed at June’s low was returned to.
Due to the buying pressure in the bullish order block, prices surged upward and flipped bullishly. As the price flipped, it bounced off the diagonal support and broke the diagonal resistance. More COMPUSD stormed the market as a result of the successful breakout from the diagonal resistance. According to the Moving Average Cross (MA Cross) indicator, the market is in a bullish environment. Due to the influx of buy orders, the price surged aggressively upward into a rising flag. As the price keeps rallying, COMPUSD is expected to break the $70.60 price level due to the buy stops sitting above the double top formed in August 2022.
Market Expectation
The market’s order flow remains bullish on the four-hour chart. Prices seem to be heading down just to grab the sell-side liquidity below the equal lows. After capturing sell-side liquidity, the COMPUSD is expected to continue rising.
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