COMP / TetherUSLong
COMP: Pullback in Uptrend
Trade setup: Price is in an Uptrend. Following a bullish breakout from a Symmetrical Triangle, price reached $100 resistance for a +70% gain, but got very overbought (RSI > 80!) and pulled back on some profit taking. Pullback near $68-$70 support area could be an attractive swing trade entry in Uptrend, with +40% upside potential back to $100. That $6 support level is near 50% Fibonacci Retracement level, which is also a possible support. Stop Loss (SL) level at $64.
Trend: Neutral on Short-Term basis and Uptrend on Medium- and Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $68 - $70, then $60. The nearest Resistance Zone is $80, then $100.
Trend: Neutral on Short-Term basis and Uptrend on Medium- and Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $68 - $70, then $60. The nearest Resistance Zone is $80, then $100.
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