COINBASE at the bottom of the 20month Channel. Will it go lower?
Coinbase (COIN) has been trading within a long-term Channel Up since the first week of January 2023 (almost 20 months). Within this time span, it has seen 4 corrections with the latter being the longest as we haven't seen a new High since the week of March 25 2024.
Last Friday saw the week close on the strongest red 1W candle (-20%) since the 2022 Bear Cycle, as it failed to rebound on the 1W MA50 (blue trend-line). This on its own is a very pessimistic development, with the presence of only the 1W MA100 (green trend-line) remaining to offer support long-term.
However, this Friday closing made an exact Higher Low at the bottom of the Channel Up, something we hadn't seen since the June 05 2023 1W candle. That was the candle that completed the longest (until the current one) correction on Coinbase. Both Bearish Legs have similar declines (-47% then and -48% now). The minimum % rise of a Bullish Leg within this Channel Up has been +146.82% (two times).
As a result, as long as we close this week inside the Channel Up and ideally the 1W RSI remains above the 30.00 oversold barrier, we can expect a long-term bullish reversal on COIN with the start of the Channel's new Bullish Leg, with a minimum expectation being at $360.00 (+146.82% rally).
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Last Friday saw the week close on the strongest red 1W candle (-20%) since the 2022 Bear Cycle, as it failed to rebound on the 1W MA50 (blue trend-line). This on its own is a very pessimistic development, with the presence of only the 1W MA100 (green trend-line) remaining to offer support long-term.
However, this Friday closing made an exact Higher Low at the bottom of the Channel Up, something we hadn't seen since the June 05 2023 1W candle. That was the candle that completed the longest (until the current one) correction on Coinbase. Both Bearish Legs have similar declines (-47% then and -48% now). The minimum % rise of a Bullish Leg within this Channel Up has been +146.82% (two times).
As a result, as long as we close this week inside the Channel Up and ideally the 1W RSI remains above the 30.00 oversold barrier, we can expect a long-term bullish reversal on COIN with the start of the Channel's new Bullish Leg, with a minimum expectation being at $360.00 (+146.82% rally).
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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