This is my third recent post on COMP but I can't help but clarify what a potentially great opportunity this COULD be. Let's take a look at a few things.
First, we just retraced from the top of the recent swing high to the 0.618 retrace when drawing the fib retracement from the aug. 2 low. If you draw the retracement from aug. 11, then you see we just touched the 0.786 fib retracement with a fairly substantial wick down right spot on to the fib level.
Now let's take a look at what else is happening here. This fib retrace is also a major zone of confluence. It is not only the previous swing high, but a recent support level when looking left on the chart. Yes, this coin is new, but we must use what we have to the best of our abilities.
There's hidden bullish divergence on the RSI. looking at the price action and the RSI oscillator, we're making higher swing lows on the price with lower lows on the RSI. Meanwhile, we're continuing to make higher highs on the RSI with each swing high.
The MACD histogram on the 1 and 2 hr time scales are showing higher lows while the price continues downward.
So... before you run around screaming that your alt coin of choice is dumping, take a close look. Looks like a solid opportunity presenting itself if we get proper confirmation of the retrace being the new swing low. You could maybe expect another wick or to test it again maybe a little lower for a few minutes without bullish sentiment being invalidated.
First, we just retraced from the top of the recent swing high to the 0.618 retrace when drawing the fib retracement from the aug. 2 low. If you draw the retracement from aug. 11, then you see we just touched the 0.786 fib retracement with a fairly substantial wick down right spot on to the fib level.
Now let's take a look at what else is happening here. This fib retrace is also a major zone of confluence. It is not only the previous swing high, but a recent support level when looking left on the chart. Yes, this coin is new, but we must use what we have to the best of our abilities.
There's hidden bullish divergence on the RSI. looking at the price action and the RSI oscillator, we're making higher swing lows on the price with lower lows on the RSI. Meanwhile, we're continuing to make higher highs on the RSI with each swing high.
The MACD histogram on the 1 and 2 hr time scales are showing higher lows while the price continues downward.
So... before you run around screaming that your alt coin of choice is dumping, take a close look. Looks like a solid opportunity presenting itself if we get proper confirmation of the retrace being the new swing low. You could maybe expect another wick or to test it again maybe a little lower for a few minutes without bullish sentiment being invalidated.
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Don't want to make an early call or anything, but it seems that compound may very soon be starting to continue to the upside again.
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It appears we have lift off