When Coin breaks down, so will BTCWhen Coin breaks down, so will BTC
Close correlation between COIN and BTC.
Earnings reporting on 3Nov
1COIN trade ideas
$COIN swing call idea from end of Sept has NEWS to draw buyersThe description below offers an example of a chart story. When you regularly watch a stock and observe how price and indicators change over time, you can create a story that leads to well-planned and successful trade ideas.
Between May and July price stalled and took its time to retest lows. While it did RSI was gradually rising. Eventually this led to a quick move up in price (August) and RSI tipped over 70. When RSI rises over 66.66 after being under 33.33, it is a sign that trend may be ready to change. Note this does not always hold true, as it is an advance sign that occurs before trend change confirmation.
In September, there was a stochastic buy notice when %K rose sharply over 3 days (orange box and arrow). This is my most reliable early indicator of a directional move to come. It is typical for this early strength move to see a reversal. When price fell (white box) it stayed above the summer range, RSI held bull support zone (green line), and there was bullish divergence (white ovals).
Before today's Google-related news spark, price broke the white downtrend line and held a higher low. Now, in the greater context of U.S. markets, I think a rally is imminent. As soon as there is a turning point up, COIN can at least move to 200sma. I am not long-term bullish on the stock right now; I see a nice swing call trade that can gain over the next few months if conditions support it.
Coin double bottom - W patternCan we see this W pattern play out for coin? Btc is playing the yearly trendline, a break for btc would lead coin to a further increase.
Coinbase is the most trusted rally.Coinbase is the most trusted and regulated crypto exchange that is publicly traded.
Coinbase is The best way to get into Bitcoin and cryptocurrency.
Bitcoin and crypto continue to gain adoption.
As long as the above remain true, then I like this company.
That being said, I will be trying to accumulate more shares.
I like what the charts are telling me. Many bottoming indicators in the crypto market lately.
Plus I feel the company is a good price.
I have other charts which explain my macro views of inflation, oil, dollar, etc. Have a look.
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 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.
