Possible Head & Shoulders on COINIf Bitcoin pulls back off the recent rally it will trigger a sell off in Coinbase!
COIN trade ideas
COINBASE(COIN)/BTC CorrelationIn the past months investors have been watching carefully the recovery of Coinbase as one of the biggest partners in the financial industry as crytocurrencies seem to recover from the last downturn. Many investors, traders and fans of crypto have been watching with a lot of hype the launch of the ETFs; which hasn't resulted in what most of them expected: a massive bull run as these instruments got green light from public authorities.
Cathie Wood's ARK investment instruments have been continuously dumping Coinbase shares in the last months, possibly to balance the holdings of the ETF ARKW(ark-funds.com), and the crypto-exchange shows 2 interesting things: certain degree of correlation with BTC and extraordinary earnings.
However the last earnings should have been fuelling this stock but they didn't due to weaknesses in their fundamentals and tough valuations with shallow price targets. If done carefully, COIN can be used to track small spikes in price and short trends in BTC and ETH. The future could be promising for Coinbase, but from a macroeconomic standpoint we are not out of the woods at all.
My observations tell me that the markets like to be bearish on COIN, but for short term wave riding, it could be worth it - just make sure you have appropriate risk management when doing so.
[Coinbase] bullish- golden cross between MA50 and MA100
- MACD bullish divergence
- end of cryptos bear market
COIN- Looking nicely BULLISHAS BTC crosses 38k today COIN may be faced to also see gains in share price. There have been several harmonics to support the move and the RSI is on a tear. Target here could move quite quickly over the next few weeks. BTC has a history of doing things around holidays and especially X-mas and so COIN may be poised to reap the benefits. I do expect to see some possible resistance/ retracements on the way up- noted by yellow lines. The 1st yellow line may be the most resistive. Outside of this looks like a clean shot if we proceed above it.
COIN - Lots of profits to be made - beautiful algo confluenceThis can break out of our controlled selling algorithms any day - especially as we started to see sell-side tapering via our teal algorithm on Friday.
Look for Yellow strong buying channel to activate and break us out of the magenta/purple/teal algorithms which will lead us to a retest of highs at the $180-$185 level.
We will be trading this today live on the stream if the opportunity presents itself - we have some clear levels and things we're looking out for and we don't want to miss this one.
See you there!
Happy Trading :)
Coinbase Cup and Handle PatternNASDAQ:COIN looking like its ready for a nice move with a clear cup and handle pattern
Coinbase Update: The problem with extensionsExtensions are great and all for profits, but they can become difficult to count. Once they extend beyond normal fib lines it becomes structure only to guide your count. This can lead to misinterpretations, mislabeling, and at times confusing price action. The count you see in this chart is the best interpretation I can make of this chart at this time.
There are only two real rules that CANNOT be broke under ANY circumstances. One of which is that wave 3 cannot be the shortest motive wave within a 5-wave structure. In this count, wave i extended and is larger than wave iii. In a 5-wave count at least one motive wave MUST extend but no more than two of them. When wave i extends, it typically ends up being the only wave that extends within the structure. I believe that is what we're seeing here on the micro count. Wave i extended with wave iii being short, but wave v is the shortest. Therefore, according to this count, no rules have been broken.
We then retraced right up to the 0.5 retracement fib before heading higher in a 5-wave structure. What I would like to see next is a slight retrace of about 3% in a 3-wave move to the high $160's before raising again towards the next box. This isn't required but would create a healthy structure to raise off of again. I am going to put in a pre-market order to buy 30 shares @ $168 and then place a stop of $163. That's risking $150 in losses for a potential $1380 in profits. I'll take those odds any day.
Don't forget, beginning February 23rd (this Friday), I will be dramatically changing my posting schedule here on trading view. My last regular post / update will be on that day.
📊 Coinbase Ended The Week BearishCoinbase (COIN) ended the week on a very strong bearish note and we have a strong combinations of bearish signals on this chart.
But first... How are you doing today?
I hope you are having a wonderful time with your daily life.
I've seen these charts, these stocks close red all the time and then surprisingly start the week on a bullish note and nullify the bearish bias... This can happen but we read the chart nonetheless.
➖ The first signal, based on candlestick reading; is the 16-February candle.
The session opened at 189 and peaked at 193, a little higher than the late December peak price but technically still a double top. After going this high, the candle removed all gains and closed below the days open (180) and thus ended red.
➖ Trading volume on the 16-Feb. session is huge, the highest since July 2023 but ended red; The sellers ended with the upper hand.
➖ Double top pattern mentioned above. (28-Dec. & 16-Feb.)
➖ Tons of gaps on the way up while the sessions are closing red is another bearish signal.
➖ A very strong bearish divergence with the RSI is in place.
➖ And finally, we are looking at a B wave of a classic ABC correction; An irregular correction.
It is called "irregular" because Wave B ends as a higher high compared to the start of Wave A. What follows is Wave C which means lower.
All these are bearish signals.
It will be very interesting to see how it all develops.
For how much longer can this go on?
Days, weeks, months?
It is not a matter of "if" but "when"... And the 'when' is getting closer by the day.
Prepare for a correction all across.
Our focus is on Cryptocurrency right now so can't say about other markets even though everything is related these days. So Tesla, the SPX and the rest can also turn red late February and March 2024... To start.
Namaste.
COINBASE - POTENTIAL SETUPcoinbase is in bullish trend following Dow theory printing HH's and HL's.
If the market successfully sustain this bullish confluence the next leg high could go for new HH.
NFA
DYOR
Coinbase Update: Don't forget about the big pictureSometimes we spend so much time criticizing the micro moves of tickers, we forget about the larger picture. We agonize over movements that are largely irrelevant like this most recent movement Coinbase has been making for the possible end of wave iii or beginning of iv. Regardless of which one it is, I expect price to tag $220-$240 before this larger wave ((3)) is done. That being said, not being a day trader myself, I'm not really too concerned with the fluctuations of $10.
Lots of companies, as well as other analysts, we're predicting Coinbase to tank with JPMorgan claiming it would and still will drop to $80. They were saying this when it was valued @ $115 while I was predicting it to go on another bull run. Needless to say, we jumped about 40% from that local bottom and I, along with some of you, were able to capture 30%+ of those profits. Not too shabby for 1 week or so if you ask me.
When market opens Tuesday morning, there is a high chance I may buy back in for another 20-30 shares with the goal of holding until it's in the low $200 area. That's another 12%-33% in profits if I can get in around $180 and ride to the top. I would set a stop of $173. Is 20-30 shares a lot? No, but I see no reason to swing for the fences every trade regardless of my confidence. With that amount of shares, at a 20% profit, is over $1000 in profits. Again, not too shabby if you ask me. As always, I will post if I buy any shares.
Don't forget, beginning February 23rd (this Friday), I will be dramatically changing my posting schedule here on trading view. My last regular post / update will be on that day.
Coinbase could rise above 200Following the low at the beginning of 2023, NASDAQ:COIN began to rise in a notably constructive manner, eventually reaching a peak at 186. Subsequently, a typical correction ensued, and presently, the stock is trading precisely at the former resistance level of the long-term consolidation phase.
In my view, this presents a favorable buying opportunity, with a strong likelihood of a reversal and an upward move surpassing 200 in the medium to long term.
Short Term Put 2/23 and 3/1 to Fill GAP Below!!!This is my first attempt at publishing what I see... looking at each DAILY Close , according to the 15m chart , leaves us a little GAP to play with the on the DAILY Open
It looks like if we drop below the LOD from 2/16, then we head down to fill the GAP at 165.67... by the way, I am far from a financial advisor, more like your average uneducated trader, speaking on what's in front of me, putting in my 2 cents hoping to make a dollar outta 15!!!
Coinbase's Resurgence: From Losses to ProfitsCoinbase Global ( NASDAQ:COIN ) has surged back into profitability, marking its first quarterly profit since 2021. The resurgence comes amidst a renewed interest in cryptocurrencies, fueled by the recent approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
The Crypto Boom:
The approval of spot bitcoin ETFs by the SEC has reignited investor enthusiasm for cryptocurrencies. This pivotal decision has propelled bitcoin's price to a staggering 57% increase in the final quarter of 2023, creating a surge in trading volumes for platforms like Coinbase.
Coinbase's Stellar Performance:
Coinbase ( NASDAQ:COIN ) reported a staggering 64% jump in transaction revenue, reaching $529.3 million in the fourth quarter. This robust performance has surpassed both internal expectations and Street consensus, signaling a strong comeback for the exchange.
Diversification Strategies:
Beyond trading, Coinbase ( NASDAQ:COIN ) has strategically diversified its revenue streams. The subscription and services unit, which includes businesses beyond trading, saw a substantial revenue increase of nearly 33% to $375.4 million. Stablecoin revenue, particularly from the partnership with fintech firm Circle, emerged as a significant contributor to this growth.
Stablecoin Boom and Federal Reserve's Impact:
The interest earned from stablecoins, such as the USD Coin (USDC), has become a lucrative revenue stream for Coinbase ( NASDAQ:COIN ). Partnering with Circle, Coinbase ( NASDAQ:COIN ) has capitalized on the interest generated by reserves backing USDC. Moreover, the Federal Reserve's interest rate hikes have further boosted Coinbase's income, showcasing the symbiotic relationship between traditional monetary policies and the burgeoning crypto market.
Analyst Insights and Long-term Concerns:
Despite the euphoria surrounding Coinbase's profitability, analysts, like Michael Elliott from CFRA Research, express caution regarding the potential impact of spot ETFs on Coinbase's market dominance. There are apprehensions that the availability of spot ETFs may divert investors to seek crypto exposure elsewhere, posing a challenge to Coinbase's continued growth trajectory.
Conclusion:
Coinbase's ( NASDAQ:COIN ) journey from losses to profits exemplifies the dynamic nature of the cryptocurrency landscape. The approval of spot bitcoin ETFs has undoubtedly fueled Coinbase's resurgence, but challenges loom on the horizon. As the crypto market evolves, Coinbase ( NASDAQ:COIN ) must navigate shifting investor preferences and intensifying competition to maintain its position as a leading exchange platform.
COINBASE: BULLISH – "BAT" detected + Correction possibleCOINBASE: BULLISH – detection of a “BAT”
The price could fall on the gaps at the level of 165-121
The possible rebound zone is between 70 and 132
A rebound would therefore be possible to initially seek
the 203
the 259
the 288
then my “PRZ” zone around 320 360
The ROC is in positive territory
Be careful.
Coinbase Bounces Back Strong: Profits Surge as Crypto Rides High
In a resounding testament to its resilience, Coinbase (NASDAQ: NASDAQ:COIN ), the leading cryptocurrency exchange, has surged back into profitability with a staggering $273.4 million profit in the fourth quarter of 2023. This remarkable turnaround comes on the heels of a tumultuous period marked by regulatory challenges, market volatility, and legal disputes. As the crypto market roars back to life, Coinbase ( NASDAQ:COIN ) emerges as a beacon of stability and strength, poised to capitalize on the burgeoning opportunities ahead.
A Profitable Rebound:
After weathering a storm of adversity, Coinbase ( NASDAQ:COIN ) has emerged stronger than ever, reporting a remarkable turnaround from a loss of $557 million in the same quarter a year ago to a profit of $273.4 million. This impressive feat can largely be attributed to the company's strategic initiatives, including the bolstering of its balance sheet by reducing debt by $413 million and leveraging its stablecoin reserves to generate higher interest income.
Stablecoin Resilience:
One of the key drivers behind Coinbase's ( NASDAQ:COIN ) resurgence has been the impressive performance of its USD Coin (USDC) stablecoin. With a staggering 18% jump in interest income to $171.6 million, USDC has played a pivotal role in shoring up the exchange's profitability. This underscores the growing importance of stablecoins in the crypto ecosystem and highlights Coinbase's adeptness in capitalizing on this emerging trend.
Regulatory Battles and Legal Challenges:
Despite its remarkable financial performance, Coinbase ( NASDAQ:COIN ) continues to grapple with regulatory uncertainties and legal disputes. The Securities and Exchange Commission's lawsuit alleging the sale of unregistered securities through its staking service looms large, casting a shadow of uncertainty over the company's future. Nevertheless, Coinbase ( NASDAQ:COIN ) remains undeterred, vigorously contesting the lawsuit as it navigates the complex regulatory landscape.
Riding the Crypto Wave:
Coinbase's ( NASDAQ:COIN ) resurgence mirrors the broader revival of the cryptocurrency market, fueled by the meteoric rise of Bitcoin and the approval of crypto exchange-traded fund (ETF) proposals. As Bitcoin soared to new heights throughout 2023, Coinbase stood as a steadfast custodian, providing essential services to spot Bitcoin issuers and cementing its position as a cornerstone of the crypto sphere.
Looking Ahead:
Buoyed by its robust financial performance and strengthened market position, Coinbase ( NASDAQ:COIN ) is poised to capitalize on the myriad opportunities that lie ahead. With its unwavering commitment to innovation, regulatory compliance, and customer satisfaction, the company is well-positioned to navigate the evolving crypto landscape and drive sustainable growth in the years to come.
Conclusion:
In the face of adversity, Coinbase ( NASDAQ:COIN ) has emerged as a shining example of resilience and adaptability. With its triumphant return to profitability and unwavering commitment to excellence, the company stands poised to shape the future of finance in an increasingly digital world. As the crypto revolution gathers momentum, Coinbase ( NASDAQ:COIN ) remains at the forefront, leading the charge towards a more inclusive and decentralized financial ecosystem.
Coinbase Update: In the box for iiiLooks like the turquoise count it is, and price got a huge boost from earnings. Not before it dropped down to $153.07 (low $150's) as I called for. It took all of 2 minutes for price to drop down that low before rocketing back up to the $190's though. I would expect price to make another high up to the 1.382 extension before retracing for wave iv, but it isn't required.
After price tops in wave iii, it should drop to around the 1.0 @ $180 for wave iv. It is at that time I will most likely look to buy back in. No guarantees though as I won't push it. As I have said in the past, I fear losing money much more than missing out on profits. I work hard for these profits, and I won't squander them on what ifs. There are always trades to be made somewhere, I don't need to take outsized risks for them. Not to mention, entering at the bottom of retraces makes the risk / reward much more in your favor.
Don't forget, beginning February 23rd, I will be dramatically changing my posting schedule here on trading view. My last regular post / update will be on that day.
Coinbase Update: Retrace ImminentI want to start by reminding everyone, I don't control your accounts. You and you alone decide when to buy or sell yourself. I post my trades on here to be transparent and give y'all a glimpse into what I am doing personally. If you feel strongly price is going to continue up with this momentum tomorrow, then make a decision based on your own thesis. Don't mirror me/my trades and then get mad when it doesn't work out how you wanted. My entire outlook on this trade, is I made over a 32% profit in 7 days (5 trading days) without bottom/top ticking. Regardless of if this thing continues to go up or not, I am happy with the money I made. I don't try to be greedy and get every dime possible because that's how you end up losing money in what should have been a successful trade. As one of my followers has said in the past, "Profit is a thief, so book it while you can".
That being said, as I have been stating for days now, this could always extend higher. There is no doubt it has had strong price action and is in a bull trend. However, price moves in a cyclical manner and a retrace is needed at some point to carve out a wave (ii). It could be extremely shallow and short, but it WILL carve out a wave (ii) at some point. According to fibs that time is coming in the next day or two. Will earnings cause the drop? Or will it carve out an a wave tomorrow, with earnings causing a b wave higher before a c wave forms on Friday? We will know soon enough.
As always, I am tracking an ALT count, and it suggests wave (i) & (ii) have already been carved out and this is the wave 1 of (iii). If this is the case, then I would expect price to hit the turquoise 0.786 @ $169.85 before dropping for wave 2 of (iii). MACD suggests this is not the optimal count but as y'all know it isn't the end all be all. That being said, structure doesn't favor this count either. Both structure and MACD point my current primary being the optimal count. Either way both counts point lower in the very near future.
Don't forget, beginning February 23rd, I will be dramatically changing my posting schedule here on trading view. My last regular post / update will be on that day.
Members Daily Analysis Feb 15Small Caps strong on weak dollar and yields.
QQQ & XLK lagging on Microsoft weakness
Semiconductor & Cloud stocks showing weakness.
Oil strong + Nat Gas weak
Coin pushes leading into earningsCoin definitely reversed trend alongside BTC. I find BTC is often lead by Coin ahead of time and Link token before these big pumps. I would not be surprised to see this stock push 185$. More bullish would be a retake of the teal momentum trend line ~200. Let us see how earnings goes, the market seems to only care about guidance. Coinbase should have a lot of positive guidance related to BTC custody, Base, increased fees, subscriptions and more.
SEC ENDS CRYPTO DRAMA BY GREEN LIGHTING 11 BITCOIN ETF'SThis has been in the pipeline for quite a while but there was still an uncertainty around whether or not the SEC could continue to delay what most feel was inevitable.
The bit that caught my interest though was mentions of Coinbases heavy involvment around helping "to address the SEC's manipulation concerns, Nasdaq and CBOE have created a market surveillance mechanism with Coinbase, the largest U.S. cryptocurrency exchange".
I feel like it further "legitimises" Coinbase as an exchange that previously concerned consumers and the SEC itself might now embrace.
Coinbases price has risen nicely over the year and with its recent pullback it could be interesting to see what happens next. Might be a good entry area if you have done your research and decide to buy.
Coinbase Update: Still making standard moves so farAs I said in my last post, I expected us to drop again today. It was a tad bit stronger than I anticipated but CPI can do that. The important thing is we didn't break any critical areas to invalidate the count. I set my stop @ $137 and we hit $137.13 before heading higher lol. Talk about close call. I expect us to head higher again tomorrow towards the final target box for wave (i).
Once the structure looks complete, and we top on neg div, I plan on selling my position with the intention on buying back in towards the bottom of wave (ii). That should be a 3-wave retrace and will be the official confirmation of our count.
Should we drop again tomorrow and take out my stop, there is a possibility I am one degree off, and wave (ii) has already started. With the strength this ticker has shown off the bottom from 07 Feb, I am convinced we made our bottom until it proves otherwise.
Don't forget, beginning February 23rd, I will be dramatically changing my posting schedule here on trading view. My last regular post / update will be on that day.
Sofi - A possible repeating patternA repeating pattern and potential opportunity
All three companies have some form of crypto offering.
NUbank, Coinbase and Sofi appear to have similar bottoming patterns with double bottoms and a head and shoulders style reversal. The charts are not identical but you can clearly see a repeating testing of levels and a price cluster (red shaded area) which appears to be the new base forming offering good enough support for a trade set up. Under the price cluster red shaded area there are double bottoms.
I have been in the NUBank trade since Jan 2023 at $3.51 and I noticed COIN had a similar bottoming pattern in June 2023 but it had not broken out yet, so I shared a comparative chart at the time and took a position in COIN, noting the stop as the bottom of the red box. I have shared individual charts on COIN and NU to this effect also.
Since June COINBASE has had 120% increase and I believe this will continue.
Whilst its price movement since the sharing in June is not identical to NUbank, you can clearly see a parallel channel bottoming, head and shoulders reversal and similar price clusters which i marked up.
I was most confident on the COIN trade when it had its strong pull back from Jul - Oct, here I double the position when it came back and bounced off the the 200 day moving average perfectly.
Two of the great trades of this year from me which I am still currently holding NYSE:NU and $Coin.
I believe there maybe an opportunity for this much smaller company $SOFI. A trade set up is there with a defined stop and good risk to reward (outlined on chart). I have not entered this trade yet, but i may in coming weeks. I will keep you posted.
PUKA
