Compound (COMPUSD) Selling Pressure Decreases as the Final Bearish Wave Begins
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COMPUSD Analysis: Selling Pressure Decreases As The Final Bearish Wave Begins
COMPUSD selling pressure decreases as the final bearish wave begins. The bearish wave appears to be in its final impulse wave as the price consolidates. The range for the consolidation phase is around $35.70. Compound market faces an opposing force as the price struggles to sink below the $35.70 support.
COMPUSD Significant Zones
Demand Zones: $35.70, $29.90
Supply Zones: $47.00, $63.80
The previous bearish trend began before the year 2023 began. The last wave of the bearish trend started after the swing high of $40.60 formed. COMPUSD descended into the $29.90 support, after which the bulls took over the market. The response to the $29.90 support brought about a drastic rally into the $63.80 supply zone. Following the breakout from below the $35.70 price level, the expansion to the upside was impressively massive. The massive expansion continued rapidly until a swing high formed at the $56.90 price level.
Another swing high also formed at the $61.70 price level. The second high and the third high of $63.80 formed reluctantly as the market was set to change. COMPUSD crashed in almost the same month it rose massively in January 2023. A lower high formed later at $48.70, which confirmed that the market’s environment is now bearish. Lower highs and lower lows formed as the price continued downward. As the price approaches the discount zone, an uprise is inevitable.
Market Expectation
The continuous (BOS) Break Of Structures to the downside on the four-hour chart implies that the market is bearish. COMPUSD will likely keep heading downward until reaching the daily FVG and order block (FVG + OB).
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