Momentum Reversal? Compound’s Heads Down for the First Time in 3 Days

The Hourly View for Compound

  • At the time of this writing, COMP’s price is down $-2.14 (-0.42%) from the hour prior.
  • This is the 2nd hour in a row Compound has seen its price head down.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
  • Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them with price now being below it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Compound’s hourly price chart is shown below.

COMP

The Daily View for Compound

  • At the moment, COMP’s price is down $-2.41 (-0.47%) from the day prior.
  • This move is a reversal from the day prior, which saw price move up.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 50 day timeframe.
  • The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Below is a daily price chart of Compound.

COMP

Featured NA Idea From TradingView

Below is a trading comment entitled GBPUSD Analysis September 5, 2021 you may find interesting:

On the weekly timeframe we can see that price has come roaring back to retest the previous resistance level at 1.3900/ Once price retests this area then we will look for a move lower. Last week ended with some buyers exhaustion so I am looking for a reversal from herehttps://www.tradingview….

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