COIN to Follow MSTR?
Updated
Setups on COIN and MSTR are somewhat similar. Different in many respects because MSTR was at a high but very similar in the 4.23 extensions (Which often marks trend exhaustion).
An additional factor to support the case for a possible reversal here is we have the 76 fib.
If BTC breaks again, it's liable to make a really scary looking chart.
And if that happens, bad things are coming for COIN. A very sharp return to those previous resistance levels.
An additional factor to support the case for a possible reversal here is we have the 76 fib.
If BTC breaks again, it's liable to make a really scary looking chart.
And if that happens, bad things are coming for COIN. A very sharp return to those previous resistance levels.
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220 puts have a great case here at 270. Looks like classic EW correction.
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Some initial selling. If that was a false breakout a rug is coming.
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Could see this at 180 and a lot quicker than most people would expect if it comes.Comment
Down 15% from puts entry. Stop trailed now so I can short a rally if it comes. Still short while we downtrend.
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Stops trailed tight on all related shorts. Possible we make a secondary spike high.
Might not happen. Good for bears if current supports break - but this would be ideal.
Always better to be a bear when people are making jokes.
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Down 7% today and looks like it's made a head and shoulders. Some risk of a tactical bounce here but the breaking of the neckline is very positive for the swing bear trade.
All stops should be tight above the high at widest now. Would be silly to lose in this if it made a new high. High should be in if it's working.
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COIN down another 5% today and this is without BTC even making the 60K break which I think would be the give up area for a bull trend. Not a good look. If that 60K goes in BTC I think we're going to see the target on this hit.
Order cancelled
I think the break in this has failed. Looking to exit shorts about 20% lower than entry. Bias flipping to long.
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