Short

COIN Showing a bearflag into earnings

COIN reports earnings tongith (2/24). Coin has seen a lot of weakness amid crypto regulation news and general market sell offs. It has recently fallen out of a bear flag pattern, it is under all of the moving averages, CB-RSI shows downward momentum, and MACD is crossing under bearish. All of these are makings for further downside. I am not interested in playing the actual earnings call, but rather the move after. The areas of value for me are the 160 support and the 220 resistance (top and bottom of the bear flag). If we gap under 160 after earnings, I plan to short a retest of the level. Should we creep into the 160 level, I will short a bounce off of 160. The first downside target looks to be high 90s. Should the stock gap up above 190 after earnings, I would like to see it rally to the top of the bear flag.

Decam9

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