COINBASE rallying as it should since our last call. What's next?
Coinbase Global, Inc. (COIN) has started an amazing rally following our February 05 buy signal (see chart below) and is headed towards the $285.00 Target:
We are modifying the Channel Up to make contact with all three Higher Lows as the Higher Highs comfortably fit the 0.786 Fibonacci Channel retracement level. As you can see all previous Higher Highs have been formed with a 1D candle closing below the 0.786 Fib and right now the price is sitting exactly on that level.
This indicates that as long as the stock doesn't clos a 1D candle above it, we may see one last short-term pull-back towards the 0.5 Fib before eventually reaching the $285.00 Target. If however a 1D candle does close above the 0.786 Fib, we do expect the current rally to continue straight to the Target.
Notice at the same time the 1D RSI entering the 2023 Resistance Zone. This is an unnoticed key dynamic as the previous Higher Highs were priced after the RSI got rejected on the Resistance Zone and it entered back blow the 70.00 overbought barrier. Keep an eye for a timely exit.
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We are modifying the Channel Up to make contact with all three Higher Lows as the Higher Highs comfortably fit the 0.786 Fibonacci Channel retracement level. As you can see all previous Higher Highs have been formed with a 1D candle closing below the 0.786 Fib and right now the price is sitting exactly on that level.
This indicates that as long as the stock doesn't clos a 1D candle above it, we may see one last short-term pull-back towards the 0.5 Fib before eventually reaching the $285.00 Target. If however a 1D candle does close above the 0.786 Fib, we do expect the current rally to continue straight to the Target.
Notice at the same time the 1D RSI entering the 2023 Resistance Zone. This is an unnoticed key dynamic as the previous Higher Highs were priced after the RSI got rejected on the Resistance Zone and it entered back blow the 70.00 overbought barrier. Keep an eye for a timely exit.
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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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