COINbase Macro Analysis: To Keep You Informed Of Opportunity
Updated
Hi Guys! As always i try to bring ideas that catch my attention on the macro timeframes. The one that got my attention is Coinbase (COIN). Ive been tracking coinbase for some time now, ever since i discovered the Inverse Head and Shoulders pattern. (Ill be putting the link to that idea and others related to COIN below.
This current analysis will be assessing whether or not the Inverse head and shoulders pattern has more juice left or not in continuing the rally from the bottom at $31.00.
Pattern was confirmed when we broke the Head & Shoulders neckline.
This analysis is on the 1 week timeframe.
Some areas have been highlighted.
Major Resistance -> this is a critical area in my opinion, further gains being linked to us needing price to be ABOVE this lvl.
We are currently BELOW it.
But have not yet confirmed in my opinion.
Last weeks candle had equal top/bottom wicks, which usually means buyers and sellers were equaled out, not giving a direction.
We would need next week to play out in a more decisive manner. And for price to be ABOVE Major Resistance lvl.
We are also current ABOVE 21 EMA, as long as we stay ABOVE it, UPtrend is intact.
We've also had 2 Golden Crosses occur where 21 EMA and 50 SMA crossed ABOVE 100 SMA. As long as we stay crossed Uptrends tend to continue.
Ive also applied FIB retracement lvls from our current top to the bottom at $31.
We've been rejected from 0.786 lvl. Watch for a test of the 0.618 level which is known as the Golden Ratio. If 21 EMA is broken, it becomes more probable.
My personally opinion is that i think we will touch the 0.618 lvl.
We would need to maintain Support ABOVE here.
This area also coincides with a potential Consolidation range bottom.
Which I think is likely to be forming, as COIN tends to move like this as seen in previous history.
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Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again.
Stay tuned for more updates on SNOW in the near future.
If you have any questions, do reach out. Thank you again.
DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. Do not use my ideas for the basis of your trading strategy, make sure to work out your own strategy and when trading always spend majority of your time on risk management strategy.
This current analysis will be assessing whether or not the Inverse head and shoulders pattern has more juice left or not in continuing the rally from the bottom at $31.00.
Pattern was confirmed when we broke the Head & Shoulders neckline.
This analysis is on the 1 week timeframe.
Some areas have been highlighted.
Major Resistance -> this is a critical area in my opinion, further gains being linked to us needing price to be ABOVE this lvl.
We are currently BELOW it.
But have not yet confirmed in my opinion.
Last weeks candle had equal top/bottom wicks, which usually means buyers and sellers were equaled out, not giving a direction.
We would need next week to play out in a more decisive manner. And for price to be ABOVE Major Resistance lvl.
We are also current ABOVE 21 EMA, as long as we stay ABOVE it, UPtrend is intact.
We've also had 2 Golden Crosses occur where 21 EMA and 50 SMA crossed ABOVE 100 SMA. As long as we stay crossed Uptrends tend to continue.
Ive also applied FIB retracement lvls from our current top to the bottom at $31.
We've been rejected from 0.786 lvl. Watch for a test of the 0.618 level which is known as the Golden Ratio. If 21 EMA is broken, it becomes more probable.
My personally opinion is that i think we will touch the 0.618 lvl.
We would need to maintain Support ABOVE here.
This area also coincides with a potential Consolidation range bottom.
Which I think is likely to be forming, as COIN tends to move like this as seen in previous history.
__________________________________________________________________________________
Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again.
Stay tuned for more updates on SNOW in the near future.
If you have any questions, do reach out. Thank you again.
DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. Do not use my ideas for the basis of your trading strategy, make sure to work out your own strategy and when trading always spend majority of your time on risk management strategy.
Note
Remember never to FOMO into assets if things rocket up. There will always be opportunity.
Sell pressure and Rejection seen at 50 SMA and 0.786 FIB.
Watch for the 21 EMA for Support and Black horizontal support line.
Key is to get ABOVE 50 SMA. And staying ABove would lead to Golden Cross of 21 EMA and 50 SMA. Which would be a BUllish signal.
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