COIN (Coinbase) - Analysis and Trading Plan
Technical Analysis (TA):
* Price Action: COIN is currently in a consolidation phase, attempting to break above key resistance levels. It has formed a narrowing wedge, indicating potential volatility in the near term.
* Support Levels:
* $278.00 (strong horizontal support zone).
* $240.00 (next major support in case of a breakdown).
* Resistance Levels:
* $300.00 (psychological and technical resistance).
* $320.00 (highest positive gamma wall and key breakout target).
* Indicators:
* MACD: Currently neutral with a slight bullish crossover, suggesting potential upward momentum.
* Stochastic RSI: Overbought but maintaining strength, indicating buying pressure.
Options Gamma Exposure (GEX):
* Key Levels:
* $320.00: Highest positive gamma wall and key resistance zone.
* $300.00: Second call wall, indicating heavy call option activity.
* $240.00: Significant PUT support, signaling a floor for bearish activity.
* GEX Sentiment: Overall leaning bullish, with significant call dominance at higher levels.
Trading Plan:
1. For Swing Trades:
* Bullish Setup:
* Entry: Above $292.00 (confirmation of breakout).
* Target: $310.00, then $320.00 for extended gains.
* Stop-Loss: Below $278.00 to manage risk.
* Bearish Setup:
* Entry: Below $275.00 (breakdown confirmation).
* Target: $265.00, then $240.00 if weakness persists.
* Stop-Loss: Above $280.00.
2. For Options Trading:
* Call Options: Consider March expiry $300 calls if price sustains above $292 with strong volume.
* Put Options: Hedge with $260 puts for March expiry if the price breaks below $275.
Thoughts on Direction:
* COIN is poised for a breakout above $300, with bullish sentiment dominating due to high call activity. However, traders should watch for rejection at key resistance zones, particularly at $320. Any significant premarket movements could alter this outlook.
Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always conduct your research and trade responsibly. If you have questions or need updates during premarket or market hours, feel free to PM me.
* Price Action: COIN is currently in a consolidation phase, attempting to break above key resistance levels. It has formed a narrowing wedge, indicating potential volatility in the near term.
* Support Levels:
* $278.00 (strong horizontal support zone).
* $240.00 (next major support in case of a breakdown).
* Resistance Levels:
* $300.00 (psychological and technical resistance).
* $320.00 (highest positive gamma wall and key breakout target).
* Indicators:
* MACD: Currently neutral with a slight bullish crossover, suggesting potential upward momentum.
* Stochastic RSI: Overbought but maintaining strength, indicating buying pressure.
Options Gamma Exposure (GEX):
* Key Levels:
* $320.00: Highest positive gamma wall and key resistance zone.
* $300.00: Second call wall, indicating heavy call option activity.
* $240.00: Significant PUT support, signaling a floor for bearish activity.
* GEX Sentiment: Overall leaning bullish, with significant call dominance at higher levels.
Trading Plan:
1. For Swing Trades:
* Bullish Setup:
* Entry: Above $292.00 (confirmation of breakout).
* Target: $310.00, then $320.00 for extended gains.
* Stop-Loss: Below $278.00 to manage risk.
* Bearish Setup:
* Entry: Below $275.00 (breakdown confirmation).
* Target: $265.00, then $240.00 if weakness persists.
* Stop-Loss: Above $280.00.
2. For Options Trading:
* Call Options: Consider March expiry $300 calls if price sustains above $292 with strong volume.
* Put Options: Hedge with $260 puts for March expiry if the price breaks below $275.
Thoughts on Direction:
* COIN is poised for a breakout above $300, with bullish sentiment dominating due to high call activity. However, traders should watch for rejection at key resistance zones, particularly at $320. Any significant premarket movements could alter this outlook.
Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always conduct your research and trade responsibly. If you have questions or need updates during premarket or market hours, feel free to PM me.
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.
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.