Compound (COMPUSD) Plunges Further Following The Rebuff At The Rejection Block
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COMPUSD Analysis: Price Plunges Further Following The Rebuff At The Rejection Block
COMPUSD plunges further following the rebuff at the rejection block. The rejection block formed after rebuffing at the 48.70 resistance on March 14, 2023. Owing to the current trend of the market, the rejection block was able to cause the continuation of the downtrend. The buying pressure from the 62% Fibonacci retracement level could not invalidate the rejection block.
COMPUSD Significant Zones
Demand Zones: $35.60, $29.90
Supply Zones: $48.70, $63.80
Up until the year 2022 came to an end, the market was in a downward trend. COMPUSD was declining in fractals as it formed lower highs and lower lows. According to the MA Cross, the overall trend has been bearish since October 18, 2022. The bearish trend lasted till the $29.90 demand zone reached, after which a strong rebuff occurred. A few weeks before the price reached the $29.90 demand zone, the market consolidated.
The consolidation phase occurred just above the $35.60 support. Nevertheless, the $35.60 support could not resist the downward pressure for long. Prices plunged to hit the $29.90 demand zone before the strong rebuff. Following the plunge into the $29.90 demand zone, selling momentum weakened. COMPUSD experienced a massive surge as the bulls took advantage of the bears’ exit. However, the massive bullish move only occurred for a few days. The bears are now in control of the market again, despite the bulls’ intervention in January 2023.
Market Expectation
The market has been bearish on the four-hour chart following the rebuff at the rejection block. An intermittent high has formed at the $42.60 price level. COMPUSD is not expected to greatly exceed the intermittent high before the downtrend is resumed.
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