$COIN - Overbought but ride has just started.
Updated
Going to try to keep my thoughts simple. With alot of momentum growing in the crypto world it makes perfect sense to see 
COIN get its latest pump, especially with BTC hitting 40k+. It is with no question that COIN is in a overbought scenario as the RSI shows us. We closed today with a spike of above average red volume, leading to an indecision range day after a $10+ overnight gap.
Long term, i seeCOIN hitting $200 easily. (Inverted H/S, Break of neckline) Are the confirmations that show us our bias.
Short term, due to the gap up and clear overbought scenario on the daily.. i want to see a pullback to the 9 daily ema. I dont predict the pull back to be extreme.. buyers are relentless and any significant dip can be expected to be bought.
Use proper risk management and enjoy the ride to $200 going into 2024. Cheers.
COIN get its latest pump, especially with BTC hitting 40k+. It is with no question that COIN is in a overbought scenario as the RSI shows us. We closed today with a spike of above average red volume, leading to an indecision range day after a $10+ overnight gap. Long term, i see
COIN hitting $200 easily. (Inverted H/S, Break of neckline) Are the confirmations that show us our bias. Short term, due to the gap up and clear overbought scenario on the daily.. i want to see a pullback to the 9 daily ema. I dont predict the pull back to be extreme.. buyers are relentless and any significant dip can be expected to be bought.
Use proper risk management and enjoy the ride to $200 going into 2024. Cheers.
Trade active
Ended the week with a needed pull back and gap fill before seeing price immediately bought back up. Its possible we see price ranging and basing from here between $130-$147 before seeing the next target of $160. RSI still hovering well above overbought territory, still weary this can continue based off the performance of crypto/BTC.
Based off the weekly indecision candle, PA can go both ways to start next week. Ill be watching for dips to scalp with small positions.
Thoughts?
BTW $10 moves in one day is insane for a $146 dollar stock.
Trade active
Was able to cash in on multiple trades with this bullish bias, but because it was early and unfolding it hard to predict the pullbacks and when was a time to get in. Now that we can see great progress on the daily, im zooming in to the 4 hour for a better view of our trend. A clear view of HH and LH on a trend line since the break of the neck. Ill look for a close near the trend line for another call option.
Giving me a great entry for a swing and a tight stop to invalidate the trade as the trend can change into a more severe pullback.
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