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Robinhood

Time To Buy Coinbase? [LONG]With all the excitement around Robinhood's IPO this week and the recent resurgence of Bitcoin its easy to forget about COIN, after what appears to be the completion of a 51% retracement in price according to the Fibonacci retracement we see here. Since this retracement, COIN has quietly sprung 30% in price and appears to only be getting started if the chart I have illustrated here holds true. COIN has broken shallow retracement areas of its pull back and now appears to be gearing up for what could be an 8% move to its first target at around $292 per share. It is currently at a perfect low risk high reward trade currently as your likely risk to start off (if entering a long right this minute) would be -3%. However, your reward would be 8% and that would only be getting the party started. Anything below $259.92 is bearish and we want nothing to do with this asset at that point as this would be a breaking of the .236 fib level. It should be noted that a daily candle close below this level is what we would be looking for to confirm the bearish scenario. In the meantime this looks like a possible fun trade as the crypto market appears to be buzzing again and who none other than Coinbase should stand to benefit mightily.
NASDAQ:COINLong
by TradeVibez
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