Short Term Bearish On COMPUSD - PULLBACK PREDICTIONS
COMPUSD has been on a tear these 2 days and looks too overextended on the 12HRs and under hourly timeframes
The bearish case:
1. Market structure: price action got rejected at the 78.6% Fib level, which is at about 270 USD.
2. Volume: the rejection at 270 was with decent sell volume , which is at about the same volume with the previous 2 green candles.
3. RSI: in overbought territory on all major time frames up to the daily, bearish divergence is apparent on the 6 and 12HR
Prediction: expecting a pullback to at least the 240 level before making another attempt at the 270 level. If a fail attempt happens at 270 and a double top plays out, the measured move of the drop will be 210 USD.
The bullish case:
1. A successful attempt to breaking 270 , but the RSI on the 4, 6 and 12HR still need a cool down. So this is not a strong bullish case to me without a decent pullback.
The bearish case:
1. Market structure: price action got rejected at the 78.6% Fib level, which is at about 270 USD.
2. Volume: the rejection at 270 was with decent sell volume , which is at about the same volume with the previous 2 green candles.
3. RSI: in overbought territory on all major time frames up to the daily, bearish divergence is apparent on the 6 and 12HR
Prediction: expecting a pullback to at least the 240 level before making another attempt at the 270 level. If a fail attempt happens at 270 and a double top plays out, the measured move of the drop will be 210 USD.
The bullish case:
1. A successful attempt to breaking 270 , but the RSI on the 4, 6 and 12HR still need a cool down. So this is not a strong bullish case to me without a decent pullback.
הערה:
*These are purely my speculations and are not financial advice.