Coinbase Update
Coinbase has been rallying like crazy lately along with BTC. With the fact that BTC has raised over 80K this weekend, I think it is safe to say that COIN will open high and have another huge day. I would not be surprised in the slightest if it hits over $300 tomorrow.
That being said, I want you to draw your attention to the pattern that this move higher has created. Until last week it has been choppy and overlapping. The fact that price is now rallying to what will likely be a new ATH has me wondering if this is an ED for the final primary wave ((5)). Price didn't drop to the larger 0.382 retracement fib so that would constitute a very shallow wave ((4)). The primary wave ((2)) was deep so I would expect ((4)) to be shallow in nature, but to not hit the 0.382 means it was very shallow.
This could technically still be a (B) wave with intentions of hitting the low I was expecting before, but with the move that will come tomorrow, it has me casting serious doubt on that. Should this in fact be an ED, we should head lower to overlap with the turquoise wave (1) top after this rally higher is finished. ED's move in three wave moves though so we would still need the b & c waves for (3) to be considered complete. That means we would have a lot of upside in front of us. For now, we need more data to definitively say one way or the other. The weekend price in BTC has me strongly questioning the OML I was waiting for though.
That being said, I want you to draw your attention to the pattern that this move higher has created. Until last week it has been choppy and overlapping. The fact that price is now rallying to what will likely be a new ATH has me wondering if this is an ED for the final primary wave ((5)). Price didn't drop to the larger 0.382 retracement fib so that would constitute a very shallow wave ((4)). The primary wave ((2)) was deep so I would expect ((4)) to be shallow in nature, but to not hit the 0.382 means it was very shallow.
This could technically still be a (B) wave with intentions of hitting the low I was expecting before, but with the move that will come tomorrow, it has me casting serious doubt on that. Should this in fact be an ED, we should head lower to overlap with the turquoise wave (1) top after this rally higher is finished. ED's move in three wave moves though so we would still need the b & c waves for (3) to be considered complete. That means we would have a lot of upside in front of us. For now, we need more data to definitively say one way or the other. The weekend price in BTC has me strongly questioning the OML I was waiting for though.
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
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