Coinbase GlobalShort
COIN - Next move
After predicting the last top for coinbase around $80 then projecting the retracement would lead us to around $52 (0.618) within $1 of actual. We can now make a new projection for coinbase's price. After the temporary bottom around $52 we pushed back up to retest our 0.236 (red arrow/circle) as new resistance. This is in accordance to BTC retesting the $25,300 level and double topping. After testing our 0.236, coinbase immediately pushed back down to the 0.382.
Since Coinbase is following btc so closely we can project the 2 scenarios. The more likely one should be down. This would be in accordance to my previous post about BTC and btc breaching 20k again. This would theoretically put coinbase back around $40 which is close to our 0.786 of our trend and our 1.618 ($41) of our micro trend.
If BTC reverses trend and closes candles above $25,400, the Coinbase should start closing above our 0.236 which would give us the indication we are about to break our micro high around $89. If this move occurred then BTC should be back in the $28-30k zone and COIN should be in the 120ish range.
Since Coinbase is following btc so closely we can project the 2 scenarios. The more likely one should be down. This would be in accordance to my previous post about BTC and btc breaching 20k again. This would theoretically put coinbase back around $40 which is close to our 0.786 of our trend and our 1.618 ($41) of our micro trend.
If BTC reverses trend and closes candles above $25,400, the Coinbase should start closing above our 0.236 which would give us the indication we are about to break our micro high around $89. If this move occurred then BTC should be back in the $28-30k zone and COIN should be in the 120ish range.
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