Coinbase Update
It never fails, when I make a post on here some people think we can only move in one direction. Any slight deviation and they come running trying to say the whole analysis is wrong. These few individuals are small minded and no matter how many times I repeat it, they don't seem to comprehend that charts move in cyclical patterns. Just because we get a move higher doesn't mean we won't head back down. According to RN Elliot, price moves in corrective and motive waves. For instance, C waves can either be a larger 3-wave corrective pattern or 5-wave impulsive pattern. In this particular instance, Coinbase is carving out a larger 3-wave corrective pattern.
Looking at my chart, you can see we have carved out the intermediate (A)-(B) waves and have begun wave (C). The (C) wave is creating a larger 3-wave pattern which is indicated by the minor A-B wave labels. A wave is already complete, and we moved into my target box for wave B. B most likely isn't yet complete and is targeting the area of the 0.786 @ $250.62. This doesn't mean price cannot move higher than that. It is simply implying that this is the "standard" ending for this type of pattern. Once wave B does conclude, we should head lower for wave C of (C) of ((4)).
That target for me hasn't changed for over a month now. Once we carved out the (A)-(B) waves we created that target area. The only thing left to do is track the (C) wave down to get more of a refined target. As of now, it looks like wave ((4)) will be targeting the $160-$170 area for completion. We won't know for sure though until minor wave B finishes. I think that once BTC and the other major cryptocurrencies finish their respective retraces higher, Coinbase will be sure to follow. We all know how volatile crypto can be too. So don't be surprised when Coinbase starts to drop soon.
P.S: Germany, along with many other countries have been liquidating their BTC. I wonder why and how that will affect Coinbase???
Looking at my chart, you can see we have carved out the intermediate (A)-(B) waves and have begun wave (C). The (C) wave is creating a larger 3-wave pattern which is indicated by the minor A-B wave labels. A wave is already complete, and we moved into my target box for wave B. B most likely isn't yet complete and is targeting the area of the 0.786 @ $250.62. This doesn't mean price cannot move higher than that. It is simply implying that this is the "standard" ending for this type of pattern. Once wave B does conclude, we should head lower for wave C of (C) of ((4)).
That target for me hasn't changed for over a month now. Once we carved out the (A)-(B) waves we created that target area. The only thing left to do is track the (C) wave down to get more of a refined target. As of now, it looks like wave ((4)) will be targeting the $160-$170 area for completion. We won't know for sure though until minor wave B finishes. I think that once BTC and the other major cryptocurrencies finish their respective retraces higher, Coinbase will be sure to follow. We all know how volatile crypto can be too. So don't be surprised when Coinbase starts to drop soon.
P.S: Germany, along with many other countries have been liquidating their BTC. I wonder why and how that will affect Coinbase???
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
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