Compound (COMP) vs BTC

On the above 1-day chart price action has corrected 40% since early July. A number of reasons now exist to be bullish, they include:

1) Price action resistance sees breakout after 63 days (pink line).

2) A ‘incredible buy’ signal was recently printed.

3) Price action made an impulsive move to the upper side of the Bollinger Band (not shown here).

4) Multiple oscillators are diverging with price action (purple circles).

5) The weekly chart (below) is printing an ascending triangle. It has yet to breakout, however I would have no issues going long based on the daily chart alone.

Is it possible price action falls? Sure.

Is it probable? Very unlikely.

1st target is 14k sats

2nd target? That happens after the weekly chart breakout. I’ve no idea.

Good luck!

WW


Weekly chart

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On the 2-day chart below RSI resistance is broken with back test complete.