đź“Š Coinbase Goes Bearish (Daily & Weekly TF)
Updated
29-December 2023 COIN ended on a strong bearish note, producing a candle that closed below the open of the two previous candles.
Today, 2-Jan., COIN produced a full red candle with the highest bear volume since 14-July, exactly when a wave peak was hit (high bear volume at peak prices signals that a peak was hit). These are simple signals pointing towards lower prices.
COIN and BTCUSD are closely related when it comes to price action.
Seeing the sell-off here means that Bitcoin's correction is approaching and getting closer by the day.
This can also mean that the insiders have access to information we don't have and started to sell before the herd.
As for the weekly timeframe, this week started on a extremely bearish note.
Last week closed as a Doji and bearish confirmation came in today with the strong negative candle shown on this chart.
Minimum price for this drop is around 95 within a month but it can go lower if we consider a longer time period.
Coinbase going bearish works as a bearish signal for Bitcoin; Why?
Because they move together.
âž– In January 2023 Bitcoin went bullish, Coinbase as well.
âž– From October through December '23 Bitcoin went bullish, Coinbase as well.
âž– Early 2024 Coinbase goes bearish, Bitcoin likely to go bearish as well.
Thank you for reading.
Namaste.
Today, 2-Jan., COIN produced a full red candle with the highest bear volume since 14-July, exactly when a wave peak was hit (high bear volume at peak prices signals that a peak was hit). These are simple signals pointing towards lower prices.
COIN and BTCUSD are closely related when it comes to price action.
Seeing the sell-off here means that Bitcoin's correction is approaching and getting closer by the day.
This can also mean that the insiders have access to information we don't have and started to sell before the herd.
As for the weekly timeframe, this week started on a extremely bearish note.
Last week closed as a Doji and bearish confirmation came in today with the strong negative candle shown on this chart.
Minimum price for this drop is around 95 within a month but it can go lower if we consider a longer time period.
Coinbase going bearish works as a bearish signal for Bitcoin; Why?
Because they move together.
âž– In January 2023 Bitcoin went bullish, Coinbase as well.
âž– From October through December '23 Bitcoin went bullish, Coinbase as well.
âž– Early 2024 Coinbase goes bearish, Bitcoin likely to go bearish as well.
Thank you for reading.
Namaste.
Note
Coinbase is crashing but this is not the end just the beginning... The orange numbers are the main targets/support.Today Coinbase is moving below EMA50 which means mid-term bearish potential active, mid-term can mean between 1 and 3 months... Think about that one for a few minutes.
I am expecting the low to come in fast though but we will have to wait and see, what is clear is that the Bitcoin Spot ETF was pure hype, just like The Merge... Keep that in mind, the same game will be played again in the future, don't fall for it.
Namaste.
Note
A massive drop... Full red candle today.Full rejection at EMA50, 1,000,000% confirmed.
Easy, fast, immediate target is 91 right now but it will go much lower.
Note
The week is now halfway through and COIN is showing a fully bearish session, here is the chart: âž– "Fully bearish" because there was an attempt to move higher above 0.382 Fib. and EMA10 but a rejection took place. The current session now has an upper wick and is red.
âž– The immediate and critical support is working as EMA100 at 120. The next Fib. level sits at 109 above the golden ratio of 0.618 (91.15).
âž– The next drop which is likely to be strong and steep will push this stock price toward 91.15 - 99.82, which is between EMA50 and the 0.618 Fib. retracement level just mentioned above.
What does this means for Bitcoin?
Bitcoin and Coinbase move together, which makes most sense as COIN is dependent on BTCUSD.
COIN traded in the 90s around July 2023.
This same level for Bitcoin would mean around 30 to 33K.
The chart is pointing toward next week but the bearish momentum can build up this same week.
I hope you find this information useful.
Thank you for reading.
Feel free to comment if you enjoy the content.
You can boost if you would like to show your support.
Namaste.
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