Compound (COMPUSD) Continues Its Bullish Trend After a Change in the Market Direction
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Compound Analysis: The Market Continues a Bullish Trend After a Change in Market Direction
Compound continues a bullish trend after a change in the market direction. The strength of the bears was revealed with an impulsive move. The market dived rapidly and cleared the low of the 10th of January. The volatile bearish candle on the 19th of January was a clear sign that the selling pressure was high in the market. The market dipped further to $118.950.
COMPOUND Major Zones
Demand Zones: $97.380, $118.950
Supply Zones: $149.810, $147.750
There appeared to be a change in the market direction after the high formed on the 26th of January was cleared with consecutive bullish candles. The bears were still in control of the market. The supply zone at $149.810 was used to facilitate lower pricing in the market.
The previous low at $118.950 was swept. The bears moved into the lower demand zone at $97.380 on the 25th of February. The high created on the 23rd of February was cleared. This was an early sign of bullish momentum. The market retraced back to the demand zone for more mitigation. The final change in the market’s direction was initiated on the 14th of March. The market created higher highs and lows to reach $147.750.
Market Expectation
There was a momentary change in market direction at the $147.750 supply zone. The market retraced impulsively to an order block to continue the bullish momentum. The market has created higher lows since testing the demand zone at $118.950. The Moving Average period nine shows the short-term retracement that occurred due to the impulse. The 21 Moving Average is still supporting bullishness. After retracement, the market is still expected to push further towards $174.500.
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