BTC basedif btc turns around this is worth a punt and a half honestly. not to stoked on it at the moment would need a monthly close over $80
COIN trade ideas
$COIN setup coming into tomorrowThesis:
Liked that Josh (@lucidtrades) tweeted about this earlier because I was casually charting this today, and he made me really take a second look.
COIN price would make most think downside makes sense here, but there's lots of bullish divergences from price to suggest otherwise. Labeled on the chart.
Probably best to just stay unbiased and play the levels
I personally won't take any trades here unless it exits the range. Past 4-5 trading days, I've gotten stopped out of a lot of setups, and would prefer being spared from chop.
Pretty decent volatility above or below either level. Should be a fun one NASDAQ:COIN
CoinbaseCoinbase has fallen a long way from its price earlier in the year. it is sitting near good support but would not be surprised if it pushes lower with the current market conditions.
That being said Volume has been picking up at these new lows which is a good sign for a long play. Ill be waiting for an entry on support on on a break depending on volume.
COIN MORE BLOOD TO BE SPILLED $$$You may recall from my earlier analysis of COIN that it was trading in an ascending channel. However, following today's market sell-off, COIN has broken that support and is now trading in an ascending wedge channel, signaling that the bloodbath isn't quite finished.
COIN BULLISH AND BEARISH SCENARIO $$$As you can see, after breaking the major support, COIN formed an ascending channel showcasing higher highs and higher lows indicating that it wants to retest the support turned resistance; if the bulls are able to break through, we can expect bullish price action with the resistance turning back to the support however if we fail to break through, we can expect bearish price action.
COIN can history repeat itself?Coinbase has formed a bottom for the time being around the $50 mark.
The dxy is becoming overbought. The rsi has formed a bearish divergence on both the daily and monthly time frames.
If correct the predicted top for dxy is around $114/115 causing the crypto market to turn bullish.
Can we see Coinbase and the crypto market rise over the next few months? causing Coinbase to repeat the same pattern from last year?
COIN: bottomed out at 40.83, Opportunity to buy dipCOIN bottomed out at 40.83
Coinbase stock’s price performed quite poorly since April 2021 which saw price fell from the high of 429.54 to 40.83 40.86 (almost 90% loss).
Despite overall bearish sentiment, stock has bottomed out at two points (40.83 and 44.15) during May and Jun 2022. It seems that market has priced the worst-case scenario. Therefore, it is likely that area between 40.83 and 44.15 holds for the balance of 2022. Upside potential would also be limited to area between 85 and 100 at best during 2022.
Price rally has faded
Analysis of short-term pattern and price action shows that recent rally which started since July has been soften considerably. In short-term, bearish bias is likely to push price down toward 60 and lower to 50. Therefore, strategy should be focused on taking advantage of price weakness rather than trend following.
Opportunity to buy dip around 46 & 54
If we assume that stock has bottomed, any price weakness could create an opportunity to buy dip. Support zone would be the area between 46 and 54. Coinbase stock is likely to stay withing a wide trading range between 45 and 85 by the end of Dec 2022.
COIN PLAY WEEK OF 9/12Up 23% last week and approaching $82 level. Watching for a move to above $82 to $92. If it rejects, a move back down to $76 level.
COIN LONG = Ascending Megaphone PatternNASDAQ:COIN
COIN downrended from November 2021 to later July
loosing 85% of its price along the way. Having completed
its reversal, it is now up trending in a megaphone pattern
reflecting increasing volatility. Relative volume has increased.
I have plotted in mid-Fibonacci levels.
I see this as a swing long setup, and will take the trade
setting up the stop loss as the market low late July.
Targets include the Fibonacci levels as well as where
price hits the mid=line of the megaphone where it could
break through or bounce in this high volatility zone.
I will leave a runner to see if price can eventually reach
the late 2021 price level especially if the crypto market
undergoes a resurgence.
COIN AnalysisPrice is playing out as my last analysis. Price is currently mitigating the bullish POI at 79.00. I'm expecting price to bounce up from this POI.
$COIN Coinbase out of descending channel, 2 possible routes upBreakout of descending channel.
Volume up.
TP #1 160$ area, with possible extension to 200$ area.
Latter to be evaluated once target #1 is reached.
Two alternative possible routes up.
That's depending on the outcome of current test of BB middle line.
Bullish Divergence on 1hr RSI For Coinbase There is a bullish divergence on the 1hr RSI for Coinbase. This is a bullish reversal pattern found at bottoms… but it is also a pattern that appears in the midst of long downtrends.
In words, the pattern is there, and it is a bullish reversal pattern, but it has a somewhat low success ratio when found in a steep downtrend. Further, this is a single bullish indicator in another wise brutal bear market.
All that said, it’s worth noting this divergence is also present on different time frames on btc… and on other charts and time frames.
Bottomline: We are in a bear market in a downtrend, so a bullish divergence on a 1 hour time frame doesn’t carry much weight.
Short-term and intermediate-term targets for COIN (ICT)ICT traders and "SMC" traders will be familiar with most of the Market Making ideas on here. For traders who aren't familiar with any of the terminology:
Buyside Liquidity refers to where we expect Short positions to get stopped out when Price runs on old Highs.
We anticipate Order Pairing at these levels where Smart Money Sell Orders are paired with losing Short traders who're forced to Buy at a "Premium."
Sellside Liquidity refers to where we expect Long positions to get stopped out when Price runs on old Lows.
We anticipate Order Pairing at these levels where Smart Money Buy Orders are paired with losing Long traders who're forced to Sell at a "Discount."
I won't explain what Order Blocks are in detail here. I'm not an expert on Order Block Theory and ICT teaches it over on his Youtube Channel for free.
Basically, we're looking at theoretical price levels that should be "supported" or "resisted" in the traditional retail trading sense based on Institutional Order Flow.
Scenarios I'm considering:
1) Price runs down to the Preliminary Target and then makes a small rally back to the Gap before reversing back again to make an aggressive run down to the Main Target levels. After the Main Target has been reached, we'd anticipate an aggressive rally back up.
2) Price crashes straight through to the Main Target levels (short-term Bearish ) and then rallies to target the Gap (intermediate-term Bullish ) and to potentially higher Buyside Liquidity levels (with the darker green areas representing more ambitious Price Targets).
3) I'm wrong and Price recovers at the current choppy Gap Filling area and rallies straight up to take out the Buyside Liquidity immediately.
4) I'm completely wrong and Price does nothing that I'm anticipating based on the logic I've outlined here.
Some traders might wonder how what I've outlined is any different from traditional Support / Resistance levels or Supply / Demand zones.
The main difference is the logical framework around liquidity and order flow combined with ICT's Top-Down approach and Time & Price Theories.
ICT traders are anticipating targets based on an Imbalance or old Highs and Lows. We're always thinking "to and through" as opposed to the Price respecting some Support / Resistance level unless there is a valid context such as Institutional Order Flow.
If you're interested in the concepts here, you can check out ICT's Youtube channel. I'm not affiliated with ICT in any way and I'm not a paying student of his.
He's been making most of his elite content available for free in 2022, so everything I've learned is through his free content.
Most of the "SMC" concepts out there are taken from ICT, so I would recommend going to the source to learn.
Note that ICT does not consider volume. I used to rely on volume all the time, especially when applying Wyckoff and "VSA" strategies.
I no longer consider volume as much as before, but I do glance at volume (real and tick volume) for markets with centralized volume across a long span of time on the HTFs to make sure there is confluence with my theories around accumulation, re-accumulation, distribution, re-distribution, and manipulation. This is why I bothered to mention it on the chart (orange box) where we do see a heightened level of contracts traded within this range. Also, we know that Cathie Wood and other institutional investors have an interest in accumulating within this range. That said, I still prioritize HTF liquidity narratives over anything based on volume.
CoinbaseAccumulation is broken, now they will try to accumulate about 40-45.
39.48 possible rebound level in a multiple zigzag.
COIN. I'll be back!Considering the correction of wave 3 (micro) completed as WXY, 5th wave target is at least 100.
Take popcorn, we are going long.
COIN AnalysisPrice has played out as analyzed last week. Price is currently at the bullish POI at 79.00 where I'm expecting a bounce to the upside. We have buy-side liquidity built above. Price could possibly go up from here and take this liquidity next. Alternatively, price could continue down to take the sell-side liquidity. I'm leaning towards going higher.
Coinbase TargetBellow is my analysis about NASDAQ:COIN price target using fibbonaci internal and external retracement.
COIN - TRADE PLANCheck out the trade plan for COIN today based on the technical analysis. Hit the thumbs up if you like the content.
Coinbase On Its Way DownCoinbase has reported declining earnings for the last two consecutive quarters in a row.
The recent high peaked at the downward slopping trend line which corresponded with a 50% retracement.
Expect $COIN to decline in tandem with the crypto markets.
COIN - Gap down Jumped the big supply area around from 83 to 77 and closing lower on higher volume. Might do quick reversal but at this point i think 63 area is possible. will look for longs on the way down (63 and hopefully the 50 area). watch out for bitcoin's price.. Please share your comments. NFA
$COIN going on vacation selling putsGoing on vacation out of the country for a few weeks. I like selling OCT $60 puts as an idea to help pay for the trip and more of a hands off strategy.
Coin is down -10% today and been putting in high beta moves. However with a nice volume shelf and demand in the 60 zone, I don't mind selling cash secured puts for 6.75 in credit.
Worse case, I get assigned and start wheeling on this juicy name. Will start trimming at +30% or so depending on time. I really don't want to be checking the market while on vacay though.
Cheers
COIN - At Support Sitting at support with price unable to close below the window top at 82.25. If the window holds might do a retest of 100 - then 105 and 113. if the window fails, look for support at 21/50 EMA 1D or worst case scenario down to 62-50 area..
