Compound (COMP) – Oversold

COMP / Bitcoin BINANCE:COMPBTC

without_worries

On the above 3-day chart price action has corrected over 80% since last May. A number of reasons now exist to be long, including:

1) A buy signal has printed.

2) Price action and RSI resistance have broken out.

3) Price action is now testing the golden ratio following breakout.

4) Stochastic RSI crosses up 20 on 2-week chart (below). Do not ignore! This version of the Stochastic RSI function I’ve specifically coded to indicate the green shaded area during extreme oversold conditions. It does not always trigger.

Is it possible for price action to fall further? For sure.

Is it probable? Very unlikely.

Good luck!

Type: Trade
Risk: <=6% of portfolio
Timeframe: 1-3 months
Return: 500% minimum

2-week chart

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