Compound (COMPUSD) Bears Retake The Market Aback As Price Displaces Downward
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COMPUSD Analysis: Bears Retake The Market Aback As Price Displaces Downward
COMPUSD bears retake the market aback as the price displaces downward. The downtrend that emerged as a result of the rejection at the $63.80 supply level was followed by a retracement. This retracement lasted for quite some days until the recent invasion of the market by the bears.
COMPUSD Significant Zones
Demand Zones: $35.60, $29.90
Supply Zones: $48.70, $63.80
The decline that emerged in September 2022 was a result of the rejection at the $63.80 supply level. This rejection led the price to go beyond all supports until the $29.90 demand level was hit. The $63.80 resistance has proven to be resilient as it keeps on resisting further delivery of COMPUSD to the upside. Following the rejection, the price declined in fractals as it kept bouncing off the supports before aggressively breaking through them. The market’s order flow remained bearish until the price sank into the $29.90 demand zone.
An aggressive surge emerged, delivering price upward as it invalidated all swing highs until the $63.80 resistance was reached. The distribution phase as well as the equal lows created at the premium zone showed the possibility of the emergence of a massive crash. Following the rejection at the $63.80 resistance, COMPUSD eventually crashed into the $35.60 demand zone. However, a retracement followed immediately after the bounce. Owing to the insufficient buying pressure in the market, the price failed to break the $48.70 resistance before displacing downward.
Market Expectation
Following the reversal and the market structure shift, the market’s order flow is now bearish on the four-hour chart. Due to the bearish order block created along with the downward displacement, COMPUSD is likely to remain bearish.
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