COMPUSD Price Sells Off Beyond the Trend Line Zone
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COMPUSD Analysis – Price Sells off Beyond the Trend Line Zone in the Bullish Market
COMPUSD price sells off beyond the trend line zone in the bullish market. The price activity has spun off below the trend line zone following a bearish decampment in the crypto market. The altcoin had begun to swing due to bullish pressure directly after price accumulation above the $46.3400 significant zone. The buying process is therefore targeted back to the $69.0000 critical zone on the daily chart of the cryptocurrency market.
COMPUSD Key Zones
Resistance Zones: $70.3800, $69.0000
Support Zones: $46.3400, $26.4500
The bears dominate the COMPUSD price as a pull-back swing is seen in action on the trend line. The sellers have currently overcome the trend zone. However, the selling action begins to level below the trend zone as buying pressure declines on the COMPUSD price. However, the bullish momentum has dropped into the negative region, indicating a price decline. The parabolic SAR (Stop and Reverse) also points attention to the selling force.
Despite the bullish trends, the buyers will still struggle to push the market forward to reclaim price motion on the daily chart. The Price Oscillator indicator is still above the positive side of the cryptocurrency pair, indicating more space for buying action on the overall price. This will mean that the sell traders may be faking a break down towards the short trend zone before the bullish swing continues to the $69.0000 significant site. The buy traders are therefore still keen on buying up more orders on the COMPUSD market.
Market Expectations
The bullish swing is seen on the 4hr chart time frame. The sellers had already dissolved through the trend zone, but we still expect buyers to take action in due time. The price oscillator is still in a range with a selling tendency. When buy traders pick up the price, there will be a breakout above the $69.0000 critical price zone.
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