COMP - Could Be Fireworks Soon

COMP is another one that has been showing a lot of compression relative to BTC.

Similar to HOT it has been in what appears to be a long and tight accumulation with BTC rallying hard.

Recently curling up -it looks close to breaking out with RSI showing hidden / bullish divergence and now rising above the middle band.

MACD also slowly rising to 0 also indicates breakout may be coming.

BUT

Similar to previous 2 longs covered, I dont like this setup with BTC so high and looking bearish.

If you followed my September alt breakout longs, BTC collapse crushed breakout moves which then for some became a fakeout, others continued on up but impetus was damaged.

So even with a breakout here I'm not really interested unless BTC is on an oversold bounce.

With a tight accumulation like this, COMP could very well breakout and a BTC collapse bring it back to the accumulation range. If that happens and BTC is oversold, then all good and COMP may be ready to rock.

But if COMP gets pushed down below this accumulation range then it can become heavy resistance. And that would be baaaad for the moon mission.

As with the others if I miss it I miss it, but really I don't lose anything staying in cash.

If there is a real breakout TP:

• 1st target around $750 for a 1:1 ABC
  
  
• 2nd target $1400-$1650 range as per fib projection / extension on chart - C wave extension.
  

Be aware that I'm bearish BTC mid-long term.

Patience pays well.

Not advice.

Comment:

BTC going sideways and COMP looks to be breaking out here.

Comment:

In reflection this is an example of how fragile these chart patterns can be (ofc unless I'm doing something wrong lol). I think really the only good RR place for an initial buy on these alts is after BTC has some kind of significant collapse out of a trading range.