[Coinbase] bearishIn the coming weeks, Coinbase will suffer from the trend reversal in the crypto market and the decline in Bitcoin.
1QZ trade ideas
COIN 07/04/2024The price briefly moved off track but then came back into the usual range. It first paused at EQ, and if we drop below EQ, we might hit RL. However, we could correct imbalances, possibly bringing us back to EQ, making it easier to reach RH. On the other hand, if we fail to hold EQ and then retest, we could head to RL.
How we enter or retest is key, it decides where the price goes.
Coinbase UpdateThe chart pretty much speaks for itself. It looks like we are sub-dividing yet again. This drop from 05 April @ $253.96 is either another sub-division or it is the wave 1-2 of C forming with wave 3 of C of (C) coming soon to complete the larger A wave. The multiple boxes show the normal ending for the different sub-divisions with the red bordered box showing where these counts overlap. This is the most ideal spot for this larger A wave to end but could technically extend. Bottom line for Coinbase, it is a bad idea to be long right now.
Coinbase Faces Legal Turbulence: Class Action Lawsuit RevivedIn a significant turn of events, Coinbase ( NASDAQ:COIN ), a leading cryptocurrency exchange, finds itself embroiled in legal turmoil as a class action lawsuit, initially dismissed in 2021, is revived by the 2nd US Circuit Court of Appeals. This development thrusts the platform into the spotlight once again, reigniting debates over the regulatory landscape of digital assets.
The lawsuit, spearheaded by Louis Oberlander against Coinbase Global Inc., alleges that the exchange facilitated the sale of 79 digital assets, which consumers argue constitute illegal contracts due to Coinbase's purported lack of registration with the US Securities and Exchange Commission (SEC). This resurgence of legal action underscores the complexities and uncertainties surrounding the regulation of cryptocurrency markets.
While the revival of the lawsuit may seem like a setback for Coinbase ( NASDAQ:COIN ), Chief Legal Officer Paul Grewal remains steadfast in his response, applauding the court's affirmation that the exchange bears no private liability for the secondary trading of digital assets on its platform. Grewal's stance reflects Coinbase's preparedness to confront legal challenges head-on, underscoring the platform's confidence in the contractual agreements users enter into while engaging with the exchange.
However, the legal battle is far from straightforward. The appeals court's decision to revive the lawsuit hinges on nuanced legal interpretations, including the identification of specific contracts meeting cancellation requirements under the law. Moreover, questions arise regarding the validity of user agreements and their implications for the dismissal of the class-action suit, adding layers of complexity to the ongoing legal saga.
Central to the plaintiffs' allegations is Coinbase's purported promotion of token sales through various means, including providing users with asset descriptions, purported values, and engaging in promotional activities such as news updates and price movement alerts. These claims underscore the evolving role of cryptocurrency exchanges in shaping market dynamics and investor behavior, raising pertinent questions about accountability and transparency.
As the legal proceedings unfold, Coinbase's response to the revived lawsuit will be closely scrutinized, with broader implications for the cryptocurrency industry's regulatory framework. The outcome of this legal battle could potentially reshape industry practices and set precedents for future litigation involving digital asset exchanges.
In conclusion, Coinbase's resurgence in the legal spotlight underscores the growing pains of the cryptocurrency industry as it grapples with regulatory uncertainties and legal challenges. As stakeholders await further developments, the case serves as a litmus test for the evolving dynamics between cryptocurrency exchanges, regulators, and investors in an increasingly scrutinized market landscape.
COIN BASE pull back before it goes to higher and highter.now the coin is most use to trade. now day the coin is the famous currency to trade and invest especially small Crypto.
COIN on Discount As we know, last week there was bearish divergence. Now that we broke trend, there’s a magnet pulling price towards the next level of support. This has made my top watch next week as I’m hoping for continuation to gap below at 200.
Ark Invest Sells $6.4 Million Worth of Coinbase SharesArk Invest, the investment firm led by Cathie Wood, has sold an additional 25,662 shares of Coinbase ( NASDAQ:COIN ), worth $6.4 million, as part of its ongoing re-balancing strategy. The firm sold 22,690 shares worth $5.7 million from its Innovation ETF and 2,972 shares worth $742,000 from its Next Generation Internet ETF. This marks the first major sale of Coinbase ( NASDAQ:COIN ) shares by Ark Invest since it offloaded $21 million worth of the stock in March 2021. The firm's investment strategy aims to maintain diversification within its funds by not allowing any individual holding to take up more than 10% of an ETF's portfolio. As Coinbase's stock price continues to rise relative to other holdings, Ark Invest will likely continue to re-balance its fund weightings.
Oppenheimer, a New York-based investment bank and financial services firm, recently raised its price target for Coinbase to $276, up from a previous target of $200, while reiterating its buy rating. According to Oppenheimer's Executive Director, Owen Lau, the adoption of digital assets continued after the approval of spot Bitcoin ETFs in January, and the firm estimates that Coinbase's trading volume will increase by 95% quarter-on-quarter and 107% year-on-year to $300 billion. Oppenheimer's price target is 10.5% higher than Coinbase's closing share price of $249.61 on Thursday. Coinbase ( NASDAQ:COIN ) currently has a market value of $46.4 billion.
Technical Outlook
Coinbase ( NASDAQ:COIN ) stock is trading above the 200-day Moving Average (MA) with a moderate Relative Strength Index (RSI) of 53.70 not indicating a clear cut of the stock abode. NASDAQ:COIN is down by 1.67% as at the time of writing aiming towards the Support Level of $228 mark.
COIN, BTC: An Interesting Fractal I Found; Macro Analysis
The Coinbase ( NASDAQ:COIN ) 4-hour chart is a perfect fractal of the Bitcoin weekly chart. Good ole' Wyckoff distribution. It even has the little Bart Simpson correction pattern from August 2020 that occurred shortly after the last halving and a few months before the first big leg up.
Considering current price action, Bitcoin and Coinbase, for that matter, will potentially be kicking off their fifth and final HTF waves up following what are likely to be multi-month consolidations. The next few months could resemble a less severe version of the "mini bear market" the crypto market experienced in the summer of 2021.
In BTC, I'm looking for stretch downside targets of around 56k and around 51k if 56k breaks. If it gets all the way down there, it would be a gift. On shorter time frames, assuming the 69k/70k resistance is not breached, there is likely more downside to come for both assets. Corrections to the upside should be approached with caution.
On COIN, an S/R flip under the fib fan's 50% level is all but confirmed on the 4-hour chart. If historical price action is any indication, this fractal suggests that testing the 0.618 is definitely in the cards. I'm eyeing $220 as a potential target. It's supported by a strong demand zone and the weekly VWAP.
Sentiment should remain relatively bullish on higher time frames so long as 50k isn't breached.
COINBASE-SELLstrategy daily chartThe chart has formed an M-top and based on that assumption, and besides we still very overbought weekly and monthly, the likely situation is, to see a move towards objective $ 190 based on M-Top.
Overall am seeing a chance of $ 155 area.
Strategy SELL @ 250-270 and take profit @ 191.00 for now, but on weekly chart more chances of lower levels. SL above $ 288 for now.
Coinbase Secures Canadian License Amidst Regulatory HeadwindsAmid escalating regulatory pressures in the United States, Coinbase ( NASDAQ:COIN ), a leading cryptocurrency exchange, has successfully secured a registration license in Canada, signaling its strategic pivot towards international expansion. This milestone achievement comes at a critical juncture for Coinbase ( NASDAQ:COIN ), amidst heightened scrutiny from US regulators, positioning the company to tap into the burgeoning Canadian crypto market while navigating regulatory landscapes worldwide.
Navigating Regulatory Challenges:
Coinbase's quest for a Canadian registration license underscores its proactive approach to regulatory compliance and its commitment to expanding its global footprint. With the regulatory environment in Canada perceived as more favorable for crypto platforms compared to the US, Coinbase's strategic move reflects its agility in adapting to evolving regulatory landscapes.
Strategic Initiatives and Market Penetration:
The journey towards obtaining the Canadian license involved meticulous planning and strategic efforts by Coinbase ( NASDAQ:COIN ), including engaging with regulators over several years and establishing a compliant platform tailored to Canadian regulations. Coinbase's presence as the first international cryptocurrency exchange registered in Canada positions it strategically to capitalize on the vast opportunities offered by the country's tech-savvy population and burgeoning crypto market.
Global Expansion Strategy:
Coinbase's foray into the Canadian market aligns with its broader global expansion strategy, characterized by initiatives such as the "Go Broad, Go Deep" approach aimed at securing local licenses in various international markets. Despite regulatory challenges, Coinbase ( NASDAQ:COIN ) remains resolute in its mission to provide access to the digital economy for users globally, leveraging its strong brand and commitment to compliance.
Market Speculation and Analyst Forecasts:
The news of Coinbase's Canadian license has sparked significant speculation regarding the growth potential of its native coin. Renowned analyst Oppenheimer's bullish forecast, raising the price target for Coinbase stock, underscores the firm's positive assessment of the crypto exchange's prospects. This optimistic outlook reflects confidence in Coinbase's ability to navigate regulatory hurdles and capitalize on the evolving crypto landscape.
CEO Engagement and Investment in Canada:
Coinbase's commitment to the Canadian market is further underscored by CEO Brian Armstrong's engagement with local tech leaders and the establishment of a tech hub with nearly 200 full-time employees. This investment in Canada's tech ecosystem highlights Coinbase's long-term vision and dedication to fostering innovation and growth in the region.
COINBASE: divergence Red-trend, reversal green-trend in PREPCoinbase had a possible dip to $242 but may not. Next COINBASE target above $290.
Regression with major support and resistance OB.
Green long horizontal rectangle is demand OB.
Wall Street Projects 48% Decline In COIN Q1 EPS Despite Bull RunMarket analysts have predicted a significant drop of 48% in Coinbase's GAAP EPS in the first quarter of FY24, despite the ongoing surge in the crypto market. As Coinbase Global Inc.'s ( NASDAQ:COIN ) latest quarterly earnings report approaches, Wall Street analysts have provided their forecasts for the cryptocurrency exchange platform. Despite the ongoing bull run in the crypto market, expectations for the Coinbase Q1 2024 report suggest a substantial decline in GAAP earnings per share (EPS) of 48% compared to the previous quarter.
For the first quarter of FY24, analysts are predicting EPS of $0.54 for Coinbase ( NASDAQ:COIN ), down from $1.04 in Q4 FY23, indicating a massive decline of over 48% quarter-over-quarter. Some have questioned the Wall Street estimates, considering that the first quarter of FY24 experienced a significant bull run that even caused Coinbase's servers to crash.
Looking ahead, the projections for Coinbase's performance reveal a mixed outlook. Revenue growth is expected to maintain momentum, with a projected 54% year-over-year (YoY) increase in 2024, followed by a more modest 0.5% growth in 2025. Meanwhile, EBITDA (earnings before interest, taxes, depreciation, and amortization) is anticipated to surge by an impressive 120% YoY in 2024, but then face a 10% decline in 2025.
In addition, the situation becomes more nuanced when examining net income growth projections. Analysts anticipate an extraordinary 300% YoY surge in 2024 for Coinbase's net income. However, they also forecast a subsequent 36% decline in 2025, which could signal a potential end of the ongoing bull market.
Coinbase ( NASDAQ:COIN ) reported a profit of $273.4 million for the three months ending December 31, compared to a $557 million loss a year before. Analysts, according to LSEG data, had expected a loss of $0.1 per share. However, the surge in interest in cryptocurrencies led Coinbase Global to unveil a new chapter on Thursday, marking its first quarterly profit since 2021, fueled by strong trading volumes.
During the same period, the company also recorded a notable 64% surge in transaction revenue to $529.3 million. The stronger-than-expected outcome propelled the company's shares upward the day after the announcement, with the Coinbase ( NASDAQ:COIN ) stock soaring nearly 15% in the pre-market session that day. Additionally, Coinbase ( NASDAQ:COIN ) revealed that its subscription and services division encompasses activities beyond trading.
Moreover, the crypto exchange provided an optimistic outlook for a successful first quarter this year. It forecasted sales for the segment to range between $410 million and $480 million, surpassing the LSEG estimate of $356.22 million.
However, the results showed a decline in Coinbase's transaction revenue to $1.5 billion in 2023, marking a 36% year-on-year decrease. Furthermore, total trading volume plummeted nearly 44% compared to the previous year, standing at $468 billion.
$COIN cup and handleNASDAQ:COIN cup and handle long...
BTC hype is a positive
SEC lawsuit negative
overall still like the chart here
$420 on 4/20 for $COIN 🌬🍃💨The BTC halving is officially upon us come April. The amount of positive news around this entire sphere lately has been amazing. I'm shocked how many people I see on here shorting $COIN.
They are about to be custody holders of the SPOT ETH ETF assuming that gets approved by the SEC- whether as a security or commodity. Larry Fink is feeling very confident and Fidelity just applied as well...
Maybe I'm entirely wrong- I recognize this is unbelievably optimistic. But I'm unbelievably optimistic in Bitcoin and crypto currently. And if I'm right, this will be a 4/20 to remember.
$COIN after halvening PA, will most likely continue to $375Buy at $143 - $165 (early May, end of April), sell at $375 - $385 (in summer 2024)
COINBASE-SELL Strategy weekly chartNo change in view. The share price is likely to decline uniform with crypto corrections that may be severe in nature, is my personal view here. We got lots of topping candles, high RSI (and negative divergence as well). We should move lower to test 216.00 again.
Strategy SELL @ $ 260-290 and place SL above $ 327 and take profit @ 220, and after consolidation en route $ 150.00.
Cash In on CoinObvious Bearish Divergence should be ignored until we hit the 300 area. Currently we have a bearish pin bar on support. Enter at this level and place the stop below the low of the candle. Catch the last impulse wave up and cash in.
Judge Rules SEC Lawsuit Against CoinbaseA judge has ruled that the Securities and Exchange Commission's (SEC) lawsuit against Coinbase ( NASDAQ:COIN ), the leading cryptocurrency exchange, can proceed to a jury trial. This ruling marks a pivotal moment in the ongoing battle between Coinbase and the regulatory authorities.
Moreover, NASDAQ:COIN surged by 3.28% igniting bullish sentiments on the stock amidst court rulings and Cathie Woods stock sell-off on Coinbase ( NASDAQ:COIN ).
The SEC's lawsuit, filed in June, alleges that Coinbase ( NASDAQ:COIN ) violated securities laws by operating as an unregistered broker and exchange. Specifically, the SEC claims that Coinbase's staking program involved the unregistered offer and sale of securities. While the judge dismissed one of the SEC's claims related to Coinbase's wallet application, she upheld the allegation regarding the staking program.
Coinbase ( NASDAQ:COIN ) , for its part, has been steadfast in its defense. The company's Chief Legal Officer, Paul Grewal, expressed confidence in their legal arguments and emphasized their eagerness to uncover more about the SEC's internal views on crypto regulation. Despite the setback of the court's ruling, Coinbase remains resolute in its commitment to advocating for comprehensive digital assets legislation.
This ruling sets the stage for a potentially lengthy legal battle between Coinbase ( NASDAQ:COIN ) and the SEC. As the case progresses to trial, both parties will have the opportunity to present their evidence and arguments before a jury. The outcome of this trial could have far-reaching implications for Coinbase, the broader cryptocurrency industry, and the regulatory landscape governing digital assets.
Regardless of the eventual verdict, one thing is certain: the outcome of this trial will shape the future of cryptocurrency regulation in the United States. As Coinbase ( NASDAQ:COIN ) continues to navigate the complexities of regulatory scrutiny, the eyes of the crypto community remain firmly fixed on the courtroom, eagerly awaiting the resolution of this high-stakes legal showdown.
Coinbase's Market Outlook: A Simple OverviewSince Coinbase went public in April 2021, its stock price has taken quite a tumble. Looking at the weekly chart, we're in the middle of a downward trend, marked by a 5-wave cycle that's not looking too cheerful.
To shake off this gloomy forecast, the stock needs to climb above the peak of Wave (1), which is at $208. If it can't make that climb, there's a good chance it might revisit its lowest point ever at $31.55. There's a bit of a funny situation with the 50% extension target shown on the chart—it points to $-10, which obviously can't happen. 😅
Realistically, we're expecting the price might settle somewhere between $35 and $30, with a double bottom pattern seeming like the most likely scenario.
We'll keep an eye on things and see how it unfolds.
Coinbase UpdateI added some fibs onto the chart now that we have some more price action to the downside. Notice how we came $0.06 cents from the 1.618 extension and then retraced? This is a sign that the first mini-A wave is most likely complete, and we should raise higher towards the box for the mini-B wave. We don't have to raise all the way into the box but that would be considered a standard move.
MACD also made a new local low today helping to reinforce this is an A wave of some degree. If one were to want to try and trade this retrace, a HARD stop of $253.90 should be enacted. I myself am not going to try and long it as B waves are risky trades, but a standard move should see price bounce around $15-$20.
COINBASE-SELL strategy weekly chartNo change in view.
The share is overbought quite a bit, and also it shows clearly negative divergence. The candle stick patterns suggest topping patterns and we are supported by first GANN @ 225 area and thereafter 156.00.
I feel we should see lower levels. and knowing full well how crypto's can move, it is fair to say we could reach $ 155-175 for corrections.
Strategy SELL @ $ 260-290 and place SL above $ 305 and take profit @ $ 165 for now.
