COIN : OUTCOIN bounces out of the descending channel that it's been rolling in since the beginning of the week.
Has a base of COIN been established at 300?
Starting with a horizontal ray at 310 (the bottom of the big drop),
I began using rays to connect the higher wicks together, and then the lows together.
After that, I extended some rays to the left and looked at where all the lines intersect.
Using these lines and points, I placed pitchfans, lining the outside edges up to the rays.
Once I established the main placement of the pitchfans,
I removed some unnecessary rays
and then edited the divisions of the pitchfans in the settings, lining up the divisions to wicks of the inner candles
in the most meaningful ways that I could.
If you zoom in you can see that every single line on the chart aligns with atleast 2 wicks or 2 candle bodies,
other lines line up with quite more.
Each line is specifically placed while considering wick importance and # of wicks aligned.
Fib spirals too.
2 triangles were then placed forming a pyramid structure
in order to express the fact that one of the reasons
that I am currently analyzing the trends in COIN price action in this way
is to try to establish a possible price base of COIN after its IPO fallout
to use as justification for a possible and timely buy in.
And here we are, 50 cents above that initial low point after the IPO.
Will COIN continue to roll downhill, or will it start bouncing higher?
I am not completely sure, and tomorrow this chart may look quite different than it does now.
It's fascinating.
Got my eye on COIN...
watching for a "heads bulls win, tails bears lose" scenario.
//Durbtrade
