Compound (COMPUSD) Fills up the Gap Caused by an Impulsive Move
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Market Analysis – The Gap Caused by an Impulsive Move Has Been Filled Up on Compound
Compound fills up the gap caused by the impulsive move experienced in January. On the 16th of January 2022, the market initiated a bearish swing, which caused the market to dive violently into the demand zone at $112.240. From the 17th to the 22nd of January, six days of downward movement were experienced. Upon striking the demand zone at $112.240, the market revealed a sign of rejection. A long shadow was formed beneath the daily candle. The size of the shadow was almost half the size of the candle’s body. After a few days of consolidation, the market retraced into the $149.64 supply zone.
COMPOUND Major Zones
Supply Zone: $164.940, $149.640
Demand Zone: $112.240, $97.340
After the impulsive move, the retracement was prominent in the market at the beginning of February. The retracement filled up the gap caused by the impulsive move halfway. The bears continued selling heavily at the $149.640 supply zone. The market formed lower highs consistently till the lower demand zone was tapped.
There was a bullish rally that caused a break in the market structure. The previous high at $112.240 was cleared. The Moving Average period nine rested below the daily candles from the 16th of March. The market retraced back to $112.240. A gap was caused by an impulsive move on the 29th of March. The supply zone at $149.640 was cleared on the 30th of March. The bullish candle filled up the remaining gap below $164.940.
What to Expect From Compound?
The Relative Strength Index on the four-hour chart has moved from the oversold zone after a structure break. A smaller gap formed on the 30th of March has been filled up on the four-hour chart. The market is likely to retrace to fill the gap caused by the impulsive move on March 29th, 2022.
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