Compound (COMPUSD) Bulls Push up the Market in a Consolidation Tactic
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COMPUSD Analysis – Bulls Push up the Market in a Consolidation Tactic
COMPUSD bulls push the market higher in a consolidation tactic. The bears are being thwarted at this point after a period of dominance. The bears ride down the market from consolidation above the $50 price level. With the price heading towards the $15 support, the buyers have stepped in to halt the downtrend at $30, pushing the market back towards the $50 price level.
COMPUSD Key Levels
Resistance Levels: $75, $50
Support Levels: $15, $30
The general trend of the market is bearish. The coin followed a steep path to reach the $100 price level. After that, a period of ranging followed in which the $180 significant level acts as resistance to the market. Afterwards, the price is pressured to the support, and sellers eventually push the price to $50. The same tactic seems to repeat itself, and the outcome is that sellers also push the coin below $50.
With the price heading for $15, the bears have stepped in to halt the downtrend at $30. Buyers have now repelled the price back towards $50, which has turned into resistance. It is unlikely that the coin will break through this resistance, leading to market consolidation. The Parabolic SAR (Stop and Reverse) has switched its dots below the daily candles to confirm an uptrend.
Market Expectations
On the 4-hour chart, the candlesticks are ascending towards the $50 resistance level. The Parabolic SAR now aligns more dots below the 4-hour candles to show the uprising in the market. The RSI (Relative Strength Index) lines also now border the overbought zone. COMPUSD is expected to touch the $50 resistance before falling back to $30 in a ranging movement.
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