Coinbase Global Inc....
Since its lows from 2023, Coinbase has followed a textbook EW count on the weekly log chart, and we think W5 is here to take it to new highs in the coming weeks. As long as 115 holds, the count is still valid and fresh highs will confirm we are on our way above 500.
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...and there it goes. After a bit of underperformance due to the SEC appeal Coinbase is catching up to other crypto assets and moving north towards the $265-285 resistance area. Once cleared we are free to 🚀Note
US election results provided a springboard for crypto assets with COIN rallying strongly. We are up nicely since our call but we are approaching the resistance area/downtrend we mentioned a couple of weeks ago, so there might be a short term pullback that could potentially offer an opportunity to add to longs. A break higher from that resistance area will signal we are in continuation towards higher levels and towards our objective targets. Note
COIN went through the resistance level mentioned before like hot knife in butter as BTC went to fresh highs on news of Michael Saylor adding more BTC to Microstrategy's stash. Said $265-$285 level could become some sort of support on a pullback but no guarantees as it did not provided much resistance and momentum currently is very bullish so we might not even have one in the short term. First potential targets for COIN are being reached at current levels ($325-$330), but our view is that the technical set up of our original post a month ago points to minimum target of at least $400 and ideally to the $567 area were the EW waves 1 & 3 connect and our fib extension for wave 5 points. Note
After reaching our long hanging fruit targets mentioned in our previous update ($325/$330) and trading as high as $341, we are experiencing the pullback that we also anticipated. So far the support level of ($265/$285) remains in place while COIN works through a short term overbought condition. As long as this level holds and ultimately $240 is not broken, we continue to expect a run to at least $400 and potentially above $550 in this wave. Note
The mentioned before level of $240 held and the overbought condition has cleared paving the way to move higher to our ultimate targets. stock sitting today around $300 while the crypto world awaits for the new US president Trump unveil his plans for crypto deregulation that should provide the push to COIN towards our ultimate targets. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.