COMPUSD forming a long-term market bottom

Compound (COMPUSD) has been trading within a Falling Wedge since the May 12 2021 High. Since February however, it has been trading within a Channel Up, which is the market attempt to form a bottom.

In order for this to be confirmed as a bottom though, the price needs to break above the 1D MA200 (orange trend-line). If it does, it will be the first time to do so since September 07 2021. In the meantime, the 1D MA50 has been supporting since March 27.

Another bullish structure pointing to a break-out is the fact that the 1D RSI has been on Higher Lows since January 22.

A safe trade would be to buy once the 1D MA200 breaks. The higher Fibonacci levels can be used as rough targets: 0.618 at 380.00 and 0.786 at 535.00



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