✴️ Compound Major 60% Correction, What Now? 100% Bullish!

18 Ağu 2023

Compound followed Bitcoin and the rest of the Crypto-market in the recent panic crash and resumed its correction. This led to a wick low yesterday of 35.

This 35 is equivalent to the March 2023 support and May 2023 low before a stop-loss hunt event. This same level matches the 0.786 Fib. retracement level for the June-July bullish wave.

A 60% drop is a strong correction, the RSI went oversold on the daily yet the trading volume is relatively low. What I am trying to get at now is that this can very well be the correction low.

If we were ready to see a rise before, imagine now after this major flush.
The stronger the drop, the stronger the recovery that follows.

Technically speaking, Compound continues 100% bullish based on the fact that it trades within a higher low.

There can be some sideways before the next jump or more likely a fast resumption since the drop was caused by whale selling rather than retail.

✔️ There will be many opportunities now.
✔️ Each chart must be treated separately.
✔️ Patience is key.

Thanks a lot for your support.

Namaste.