Ascending PROFITS: A Bullish Breakout Play for Compound (COMP)
COMPUSDT
shows a bullish setup with the potential for continuation. COMP is making strides above its EMAs and breaking out from an ascending triangle pattern—a classic bullish signal. The RSI backs this momentum, comfortably below overbought levels, providing the confidence needed for a long position. With crucial support zones established, COMP's chart points to a narrative of strength and upward potential, inviting a strategic entry for those looking to capitalize on the promising technicals within the altcoin sector. Arguments speaking for this Long trade and why am i taking it:
- Trendlines: The price action has formed an ascending triangle pattern, which is generally considered a bullish continuation pattern. The horizontal line represents resistance levels that the price has tested multiple times without breaking through, without consideringh the latest
BTCUSDT
volatile move that resulted in that fake break.
- Exponential Moving Averages: The price is above the 2 Exponential Moving Averages (EMAs), suggesting a bullish trend. The EMAs also appear to have provided dynamic support during recent price dips.
- RSI: The Relative Strength Index is hovering around the 60 level, which suggests bullish momentum is present but not yet overextended into overbought territory (above 70).
- Breakout: There appears to be a breakout that happened already alongside with a small retest of the resistance. I believe it is all set to moon now after this move.
- Support Zone: There are visible support zones marked by rectangles, indicating areas where the price has previously found buyers.
the TA for
COMPUSDT
reveals a promising scenario for potential upside movement. The breakout from an ascending triangle pattern, accompanied by the price's position above the EMAs and a supportive RSI, presents a classic bullish signal in the world of trading. While the excitement of such technical setups is undeniable, you are reminded to remain disciplined, factoring in the broader market sentiment and adhering to a robust risk management strategy. As with any trade, the importance of confirmation, alongside a well-considered entry and exit plan, cannot be overstated. As for me as usual, i am going only for a 200% TPR and not greeding on this one as well.
Good Luck
Trade closed: stop reached:
Trade didn't go in our favour cause of the recent market tank. We move to the next