Another possibility to join the Coinbase partyThis plan looks plum. Unless bitcoin doesn't spoil the party it can keep on flying.
Coinlong
COIN - Turning Around (shake out complete)Saw COIN looking toppy and it played out perfectly- the crypto rally isn’t over yet though and COIN is one of the better proxy plays for capturing the bullish price action we’re in crypto. Short off the top layer off nicely but the RSI is indicating that crypto nor COIN upside is done. The bullish divergence seen in the RSI should provide some decent upside at least in the short term.
COIN - Super Bullish, But Hot EngineCOIN is running hot.
The ride so far is phenomenal, but also way too quick for my liking. This can be seen on the RSI, which is super hot right now.
A nice Long-Confirmation is the fact that Volume on the weekly chart did increase nicely.
The red resistance got peeked twice now.
It's exactly where price broke down last time and traders where puking their stomach empty.
If price can stabilize above this resistance, then we have a open road to at least $190 to $220.
If not, a breakdown to the white up sloping Centerline is very possible.
COIN - Potential Upward MovementCOIN is refilling at demand zone and about to bounce back up. Exit at 3rd supply zone
coinbase L2 airdrop tomorrow | COIN/BTCwith the potential coinbase chain launch tomorrow, this chart feels poignant.
looks juicy af tbh.
probably gonna rip.
COIN price is liely headed to weekly resistanceThe price will attempt the weekly resistance zone in coming days. I think there will be a pullback on this test and price will fall back to the weekly support marked in green. However, hitting that support will be a bounce which will pave the way to break the weekly resistance.
However, lets stick to the first step of price reaching the weekly resistance. We will update our idea once the price reaches that level and let us observe the price action there.
coin swing bullfrom a macro perspective, we think 2023 could be a great year for swing positions. one of the ones that really sticks out is $coin.
huge valid bull div on rsi.
just closed out the gap. this should run up for most the year.
should long and add on any dips.
COIN - At Support Sitting at support with price unable to close below the window top at 82.25. If the window holds might do a retest of 100 - then 105 and 113. if the window fails, look for support at 21/50 EMA 1D or worst case scenario down to 62-50 area..
COIN LongGap will be filled, on LTF 1 min & 5 min a nice reversal pattern is forming. I expect crypto to stabilize at current levels letting coin recover slightly.
$COIN Long PlayJust crossed above the EMA cloud on the hourly timeframe. PT set at a 2RR just to be safe. SL set right below 100EMA just in case a potential bounce off.
Happy Holidays and Trading everyone!
Stefan
Owner of A-Stock Trading
COIN Elliott wave countOverall EW count I’m doing:
Green = after a completed ABC count in White, I’m counting that as “1” at $368.88. Looks like a deep wave “2” retrace down to the .786 Fib around $245. Above $245 I believe it can start a new impulse wave upwards in the rough sketch layout in blue
--> Target upside $368; $423; $600 stretch
Blue = in nearer short term, think we can establish a smaller degree impulse wave up to create a wave 1 within Green Wave “3”. The 5 blue waves up would theoretically create a wave 1 of the 5 waves needed to create Green wave “3”.
--> Target upside $290 retest, retrace that hopefully holds above $265, then $320
Looking for good entries to build a long position. Currently in couple small debit call spreads further out in time.
Below $244 would invalidate slightly, indicating Green wave “2” is not complete. It’s more rare, but the .886 Fib retrace in pink around the $230 area would come into play. Below that, then I’ll need to go and recount some things.
Side bit: COIN, relatively new, is still establishing structure. The older a stocks chart history, generally you’re able to find consistent EW counts more accurately. Any entries I do aren’t going to be much. More spreads rather then naked calls/putts to reduce risk.
COIN BreakoutCOIN getting closer to a breakout
Lining up nicely with BTC
Expecting a breakout in both BTC & COIN
Volume picking up
