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Sunday, August 16, 2020

COMPUSDT may go back to Golden Ratio

COMPUSDT may go back to Golden Ratio



COMP has made a fantastic rally this week.
Almost DEFI coins pumps hard.

1. Seller's selling their coin.
I think the price right now is over extended and encourages sellers to sell their coin.
As you can see in the daily chart , It made a lot of long wicks for 4 consecutive days.
The 5th one (recent one) is in making of another long wick but let's see the daily close tomorrow to be sure.

2. Rejected by 0.618 and 0.65 Fibonacci Level - $ 208 to $ 213.17
It tried twice to break above the 0.618 and 0.65 Fibonacci Level (The Golden Ration and The Major Resistance) but got rejected.
So, Will the 3rd one (Today's candle) is successful one?.. Hmm. I think...No.

3. A lot of support downwards.
On the downside, it has a lot of strong support that may hold the price from falling.
Those 3 Green Box are the supports to hold in order to continue higher.
I think, the price will bounce to the Golden Ratio (0.618 and 0.65) - $ 165 to $ 170

No Position yet
Still observing the price.
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