Coinbase to $118 before facing selling pressure
Updated
Coinbase is working on a weekly close that would be the highest of the past 13 weeks.
Additionally, it has broken out above the weekly Cloud for the first time in it's history.
Once the Chikou Span is in 'open space', it will confirm an Ideal Bullish Ichimoku Breakout.
COIN's periodicity suggests that the next price and time levels to watch are the last week fo December 2023 near the $118 value area where the 100% Fib. extension and the top of the Volume Profile currently exist.
However, because the volume profile is almost non-existant above $120, there is a high probability thatCOIN could just shoot above in an insane rally.
Additionally, it has broken out above the weekly Cloud for the first time in it's history.
Once the Chikou Span is in 'open space', it will confirm an Ideal Bullish Ichimoku Breakout.
COIN's periodicity suggests that the next price and time levels to watch are the last week fo December 2023 near the $118 value area where the 100% Fib. extension and the top of the Volume Profile currently exist. However, because the volume profile is almost non-existant above $120, there is a high probability that
COIN could just shoot above in an insane rally. Trade active
COIN is experiencing some resistance agains thte 78.6% Fib extension, but shouldn't have too much of a problem moving higher soon as the volume profile begins to thin.Trade closed: target reached
Target hit - but could extend further to the 161.8% Fib ext at $207. The volume profile is extremely thin and there's is no immediate resistance within the Ichimoku Kinko Hyo system on the weekly chart.
If markets like to move in the path of least resistance, then for Coinbase that is higher, not lower.
Note
Still moving towards that $207 value area.
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