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Bearish Looking COINBASE May Have An Impact On The Crypto MarketHello traders and investors! Today we will talk about COINBASE, its price action from technical point of view and wave structure from Elliott Wave perspective. When COINBASE was listed back in April, we have seen a massive decline by five waves, which in Elliott Wave theory suggest first leg "a". At the same time, Crypto market was also down. Well, from May lows COINBASE made a three-wave (a)-(b)-(c) corrective rally in wave "b" right into golden 61,8% Fibonacci retracement, where we also see a nice resistance from previous wave (ii) swing high. As you can see, COINBASE is now sharply down again, which indicates that wave "b" is completed and wave "c" underway which can send the price back to May lows. If we consider that COINBASE is a Crypto exchange and that is quite nicely correlated with Crypto market, then we will have to be very careful with Cryptos in December, so watch out for a sell-off at the end of the year. Be humble and trade smart! If you like what we do, then please like and share our idea. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
NASDAQ:COINShort
by ew-forecast
4
Jasmy Coin Update! Inside a larger Triangle. Could be til Dec. 8Quick update for those of you asking: Yes, Jasmy did break up and out of the first triangle/channel. You will notice this price action on the 4 hour chart here in correlation with our RSI. Some were expecting a bigger movement. Keep in mind though that not only is crypto in an overall short-term drawback phase of sorts, but also, the broader market sentiment is spilling over into our crypto markets. That being said, the 4 hr. chart shows us that we could actually go all the way to December the 8th before moving outside of this second triangle. Patience is key here. I have outlined the potential price movement should we remain in the triangle till around the Dec. 6-8th time frame. Keep in mind, we still could also drop from here. Be careful in this market. Have your stops set. Best of luck traders! - Stew
COINBASE:JASMYUSDLong
by stewdamus
20
COIN | Analysis of the current situationToday, we will take a look at Coinbase. Currently, the price is down -26% since IPO. But what can we expect from here? * After 223 days of trading since IPO, we have some context to make Technical Analysis and make some quick conclusions. * We can see a clear transition between the beginning of the bearish movement to the sideways movement on the bottom and the beginning of a new bullish situation * Now we can see a cloned channel broken and a Flag pattern, finding support there. The proportions between impulses and corrections are clear so that we can make our first conclusion on a possible direction * IF the price breaks above "B" on the flag pattern, we will consider that as an activation level for our bullish view towards the 3 following levels: -FIRST: First fibo extension -SECOND: Previous ATH -THIRD: Second Fibo extension (final target) *For our view to stay valid, the price should not go below the cloned channel for more than a couple of candlesticks. Otherwise, the flag pattern will be invalid, and we should be open to a new bearish movement towards 240 (lower trendline of the ascending channel) Thanks for reading! Let us know in the comments any view or idea you have about this.
NASDAQ:COIN
by ThinkingAntsOk
3