Compound (COMP) price has entered price discovery mode following Bitcoin and LINK. Key takeaways from today’s Daily COMP price analysis.
- Local S/R and Bullish Volatility Expansions
- Structural S/R Breached with Fibonacci Extension Targets
- Volume Influx & RSI Bullish Control Zone
COMP Price Analysis: COMPUSDT Price Action Daily ChartRead more
Preluding to the chart above, COMP Price Action found acceptance above the Local S/R before a strong expansion. This acceptance confirmed a Local S/R Flip Retest in a volatile zone, showing strength in the immediate short-term.
The Structural S/R was immediate resistance that got breached with conviction, allowing for COMP Price Discovery. Price Action of current is testing Key Fibonacci Extension targets that are posing as resistance.
A rejection of the 1.414 Extension has occurred, increasing the probability of a relapse into the Structural S/R for a flip retest confirmation.
The current Volume Profile is reading a clear influx as this rise in COMP price Action came to fruition. It is important for Price Action to have sustained follow through, failure will be indicative of weakness. The RSI is currently maintaining its Bullish Control Zone, remaining in these regions is acute for further upside.
Hope this article helps when making discretionary decisions.