Hello trader .
let's start with the daily chart :
before we talk about the details , i like to show you this similarity in the chart ; as you can see , previously COMP created this pattern and after break it , started to rise about 100% .
now we have similar pattern which called rising wedge , and if price could break it in my opinion could easily reach the target , which is the top of the wedge , but lets look at the 4H time frame for find more details :
as you can see this is very beautiful rising wedge , because we have so many touch points in the downward trend line , and at least 3 touch points at the upper trend line .
if you look at the RSI you can see clear bullish divergence between RSI and the price , in my opinion this is very good sign of the trend reversal , because we have rising wedge pattern above the weekly support , and now also can see bullish divergence .
if we zoom in a little bit , we can see price already break the upper resistance line and also break above the ema ribbon , with huge amount of volume , the only thing we need is that break above the previous rejection point , because for now it seems that COPM price have good signs of trend reversal ; but where is the potential price targets :
as you know the technical target of the rising wedge , is the top of the wedge , but we have some resistance area in the way to the up :
if we draw fib retracement tool , we can find resistance area , the first one which is very alignment with the daily structure (blue box) is at 0.382 . but you can take profit partially in the way to the up .
I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for watching my ideas
let's start with the daily chart :
before we talk about the details , i like to show you this similarity in the chart ; as you can see , previously COMP created this pattern and after break it , started to rise about 100% .
now we have similar pattern which called rising wedge , and if price could break it in my opinion could easily reach the target , which is the top of the wedge , but lets look at the 4H time frame for find more details :
as you can see this is very beautiful rising wedge , because we have so many touch points in the downward trend line , and at least 3 touch points at the upper trend line .
if you look at the RSI you can see clear bullish divergence between RSI and the price , in my opinion this is very good sign of the trend reversal , because we have rising wedge pattern above the weekly support , and now also can see bullish divergence .
if we zoom in a little bit , we can see price already break the upper resistance line and also break above the ema ribbon , with huge amount of volume , the only thing we need is that break above the previous rejection point , because for now it seems that COPM price have good signs of trend reversal ; but where is the potential price targets :
as you know the technical target of the rising wedge , is the top of the wedge , but we have some resistance area in the way to the up :
if we draw fib retracement tool , we can find resistance area , the first one which is very alignment with the daily structure (blue box) is at 0.382 . but you can take profit partially in the way to the up .
I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for watching my ideas
_____________________________________
🐺 Discipline is rarely enjoyable ,
But almost always profitable 🐺
TElEGRAM CHANNEL : t.me/KIU_COIN
_____________________________________
🐺 Discipline is rarely enjoyable ,
But almost always profitable 🐺
TElEGRAM CHANNEL : t.me/KIU_COIN
_____________________________________
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
_____________________________________
🐺 Discipline is rarely enjoyable ,
But almost always profitable 🐺
TElEGRAM CHANNEL : t.me/KIU_COIN
_____________________________________
🐺 Discipline is rarely enjoyable ,
But almost always profitable 🐺
TElEGRAM CHANNEL : t.me/KIU_COIN
_____________________________________
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.