Coinbase GlobalLong
COINBASE - I really like the structure of this chart
The coinbase chart on the weekly is very clean.
The support and resistance levels are really defined and its creating a strong base for structure.
Coinbase has been range bound for over 5 months, which I like.
The longer the base, the greater the potential it has for very high prices when it breaks out.
And more important is coinbase has been in an uptrend for a year and a half.
I feel coinbase will have a short term pullback because the DAILY stochastic rsi is at oversold levels. (not shown)
I feel the pull back will take price down to the $192 area and find support there.
Price may even dip down to $161 to retest it as support. If it did this everything would still be fine.
When coinbase retests support between $161 and $192, then $283 will be its next test.
I feel $283 would be broken because of the way the stochastic rsi is positioned on the WEEKLY and 2 WEEK charts. (weeky stochastic rsi shown) Both are in oversold territory.
The price target after breaking $283 would be between $368 - $450 plus.
I set this target range between the all time high and the previous blow off top.
In the future, when coinbase reaches the yellow box, it should have a short term pull back.
Ideally it should retest the $283 level for several weeks before bouncing up and making another higher high.
I added a red line pattern of what this could look like.
The support and resistance levels are really defined and its creating a strong base for structure.
Coinbase has been range bound for over 5 months, which I like.
The longer the base, the greater the potential it has for very high prices when it breaks out.
And more important is coinbase has been in an uptrend for a year and a half.
I feel coinbase will have a short term pullback because the DAILY stochastic rsi is at oversold levels. (not shown)
I feel the pull back will take price down to the $192 area and find support there.
Price may even dip down to $161 to retest it as support. If it did this everything would still be fine.
When coinbase retests support between $161 and $192, then $283 will be its next test.
I feel $283 would be broken because of the way the stochastic rsi is positioned on the WEEKLY and 2 WEEK charts. (weeky stochastic rsi shown) Both are in oversold territory.
The price target after breaking $283 would be between $368 - $450 plus.
I set this target range between the all time high and the previous blow off top.
In the future, when coinbase reaches the yellow box, it should have a short term pull back.
Ideally it should retest the $283 level for several weeks before bouncing up and making another higher high.
I added a red line pattern of what this could look like.
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