COIN - Love it or hate it
What a beautiful Friday morning!
It's been a while since I covered coinbase here, and back then the situation looked a lot worse than it does now.
I read other articles about coinbase on here, and it seems that investors either "love" this stock or "hate" it. I supsect that many traders got burned trying to catch the bottom in this stock, and average retail investors probably invested in this company where it traded above 300$.
The funny (and sad!) thing here is, this company went public near the absolute top of the last bull run and got valued at NEARLY 96 BILLION DOLLARS. I still remember these times, and it was as clear as day to me back then, that this company was massively overvalued to the point where it didn't even cross my mind investing in this stock
I recorded a detailed video with our counts in multiple timeframes on our YouTube channel, but tradingview does not allow me to post the link here directly, so feel free to check out our channel.
Regarding the count, I currently estimate that we formed a first bullish wave (1) – wave (2) since the all-time-low at 31.57$. The count on lower time frames is sometimes very difficult to count, and I am not going to publish these as long as we don’t have a confirmed wave (3) in place.
To finish things up, the price reached our blue retracement zone and since the last minor low at 50.81$ the stock could manage to jump by more than 30%. Please keep in mind that coinbase is an extremely volatile stock and adjust your position size accordingly.
Enjoy your weekend, we are going to update Bitcoin & Ethereum this Sunday.
It's been a while since I covered coinbase here, and back then the situation looked a lot worse than it does now.
I read other articles about coinbase on here, and it seems that investors either "love" this stock or "hate" it. I supsect that many traders got burned trying to catch the bottom in this stock, and average retail investors probably invested in this company where it traded above 300$.
The funny (and sad!) thing here is, this company went public near the absolute top of the last bull run and got valued at NEARLY 96 BILLION DOLLARS. I still remember these times, and it was as clear as day to me back then, that this company was massively overvalued to the point where it didn't even cross my mind investing in this stock
I recorded a detailed video with our counts in multiple timeframes on our YouTube channel, but tradingview does not allow me to post the link here directly, so feel free to check out our channel.
Regarding the count, I currently estimate that we formed a first bullish wave (1) – wave (2) since the all-time-low at 31.57$. The count on lower time frames is sometimes very difficult to count, and I am not going to publish these as long as we don’t have a confirmed wave (3) in place.
To finish things up, the price reached our blue retracement zone and since the last minor low at 50.81$ the stock could manage to jump by more than 30%. Please keep in mind that coinbase is an extremely volatile stock and adjust your position size accordingly.
Enjoy your weekend, we are going to update Bitcoin & Ethereum this Sunday.
Note
We went LONG in this stock last month at exactly the 14th of February.I have talked about this on our YouTube channel, and my apologies that we didn't announce any positions here on tradingview. This won't happen again.
We will expand our holdings with a second position as soon as we break above the high of wave (b), this will be announced on here so stay tuned!
Long #1 Coinbase (COIN)
AVERAGE EXECUTION PRICE: 58.76$
STOP-LOSS: NONE
LONGERM Target: +200$ and more
Note
Lovely!We are gaining bullish momentum and managed to break above the last high of wave (b). The next big resistance is going to be at the top of wave (i) at exactly 87.61$.
Note
Unfortunately Coinbase didn't manage to break above the last wave (i) high 87.61$ in the last days and it seems that we still have to establish a final wave (c).The whole pattern resembles a "regular flat", no reason to panic!
Note
Bitcoin & Ethereum are massively gaining and altcoins seem to profit of the current uptrend too.The bottom in Coinbase is most likely in, let's get ready!
If you should have any questions regarding our analysis or elliot wave counts feel free to contact us.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
If you should have any questions regarding our analysis or elliot wave counts feel free to contact us.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.