BTCUSD / COINBASE Correlation I have been watching how the Coin base equity stock is trading compared to Bitcoin . We are able to spot very good trading opportunities, such as the bear trap shown above.
As of now, $COIN closed at 75.29 on Friday afternoon, which is above last weeks highs. Most people will try to go long because they consider that a breakout.
On the other hand, on Friday BTCUSDT was near the lows of last weeks. Now, its at near highs.
I have already published another idea explaining why COIN is a sell. Will be following my stop loss and take profit levels.
I'll be quick to switch sides if i see the right price action.
S-COIN
Weekly Analysis BTC via Ichimoku by TheSocialCryptoClubGood weekend,
As usual, here is our analysis of the week looking at a glance at the daily chart of BINANCE:BTCUSDT using the Ichimoku Kinko Hyo indicator with traditional settings. We used additional indicators that we have developed and released Open Source, you can find them at the end of the analysis.
Trend:
Kumo has been red for 35 days, getting even thicker than last week (now at about 17.64%), and continues to slope downward. The only flat line is the Tenkan, all others indicate a downtrend.
The Kijun Trend indicator always indicates looking for short positions.
Heikin-Ashi:
Throughout the week the Heikin-Ashi indicates indecision but still downtrend and price is attracted to the Tenkan.
Supports and resistances:
- 75000.00 from Fibonacci
- 67000.00 from all-time high
- 66001.41 from all-time high of Chikou
- 51800.00-52600.00 from Ichimoku Flat/cusp areas of the Chikou
- 49000.00-51000.00 Fibonacci, psychological threshold and Kijun Weekly
- 44400.00-45600.00 from Ichimoku Flat/cusp areas of the Chikou
- 41200.00 from Ichimoku flat/cusp areas of the Chikou
- 39400.00 from Ichimoku flat/cusp areas of the Chikou
- 37000.00 from Ichimoku flat/cusp areas of the Chikou
- 35700.00 from Fibonacci
- 35000.00 from Ichimoku flat/cusp areas of the Chikou
- 33500.00 from Ichimoku flat/cusp areas of the Chikou
- 30300.00 from Ichimoku Flat/cusp areas of the Chikou
- 25000.00 from Fibonacci
For the various static price structures you can refer to the chart where the structures identified by the flat moments of Tenkan, Kijun, Senkou Span A and Senkou Span B on different timeframes are plotted, also Chikou price for the daily time frame.
Also, recall that the various Ichimoku lines serve as dynamic price structures: the Tenkan Sen (short term), the Kijun Sen (medium term) as well as the Senkou Span A and Senkou Span B (long term).
Fibonacci:
The Fibonacci levels on the Daily still show us positive long-term sentiment and places the 0 upside on 75000.00. Price is now between level 1 at 25000.00 and 0.786 on 35700.00.
Conclusion:
BTC continues to be in a downtrend on the daily and weekly time frame. All lines confirm this and only the Tenkan is flat. The Weekly Kijun is falling abruptly.
The well-known exponential moving averages often used in the Crypto market on the 200, 50 and 20 periods are also lined up in downtrend and continue to fan out.
An interesting element is the Hosoda waves that signal an ABC pattern with the C point on the 2022-05-12 low, there are no rising lows and in fact the NT target is at 16245.00 while the N target is at 37734.84. Levels to consider.
From a fundamental point of view, we can always consider the correlation with U.S. equities in this inflationary situation, as well as aspects related to conflict and rising commodity prices.
It is important to evaluate the closing of the week and during the week on the following price structures:
- Bullish: 31600.00
- Bearish: 29000.00
Altcoin Cycle:
For Bitcoin Dominance and Altcoin Cycle we can consider the weekly variation:
- Total cryptocurrency market capital: Increased.
- BTC Dominance: Increased.
- Price of BTC: Increased.
- Alt Cycle Expectation: Decreased.
Thanks for your attention, happy to support the TradingView community.
Indicators used:
Analysis Tool
Kijun Trend Indicator
Ichimoku Support and Resistance
Chikou Support and Resistance
Bitcoin and the LineSo yes, since April 21, the line has been important to the price as both support and resistance. Over it on a 4 hour candle and it's a go to the upside, probably 32,500. Cracking down from here would be bearish. The fact that they keep hanging around the line make me think they want to cross it, but of course that can change on a dime.
COINBASE and its unique signalCoinbase (COIN) has been trading within a long-term Channel Down ever since its November 09 2021. It is trading both below the 1D MA50 (blue trend-line) and the 1D MA200 (orange trend-line). Even though the 1D RSI rebound below the 30.000 oversold levels, resembles the Lower Low January 28, it is the MACD that offers the best tradeable signal.
As you see, every time the MACD on the 1D time-frame makes a clear Bullish Cross, the price rises. Those short-term rebounds have been +11.70%, +20.26%, +23.00% and +28.50%. Our suggestion is to wait for the bullish cross and then buy for at least a +11% rebound. If contained below the 1D MA50, the Channel Down will remain valid.
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Coinbase: Lawsuits over 'stablecoins'!!Coinbase
Short Term - We look to Sell at 79.05 (stop at 97.30 )
The primary trend remains bearish. We are assessed to be in a corrective mode higher. A move higher faces tough resistance and we remain cautious on upside potential. Preferred trade is to sell into rallies. Further downside is expected.
Our profit targets will be 30.50 and 25
Resistance: 70.00 / 75.00 / 80.00
Support: 65.00 / 60.00 / 55.00
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COIN - Unusual Options Activity. More downside expected.Observing unusual Options activity is often a good indication on how big players are betting.
( The snippet here was taken from the YTuber Maverick Of Wallstreet. I watch his channel every single day. I learned so much from him, and everyone else can too - 100% free btw.)
Here we see large PUT buying volume for the 120 Strike.
However, you can't take this as the holy grail and bet your house and dog on it. As with anything else, it's just an Indication, a puzzle for the whole pitcure.
Hope this helps.
#careandshare
COIN - LOL, so wrong §8-)
So funny the comments I get sometimes.
For example, one was. "LOL, so wrong".
What does such a comment tell us?
Well, this Trader has a lot to learn. For example, that it's not about wrong or right - right? ;-)
However, he's right...for now...ummmh...
And that's OK.
Let's see in which direction this loading "Battery" does unload, until the massive Pump in the market is over.
Pump?
Yep, Pump!
Fund managers want to cash-in their bonuses at the end of the month/quarter.
So they recklessly pump the market higher with money from their clients, giving a shit about if markets dump afterwards and clients loose their money.
It's always, always the same Game.
Now what about COIN?
Watch how the S&P was pumped, and in contrast how they pumped COIN. Similar pattern.
But maybe COIN shoots to the moon when Cryptos reaching for the stars in a couple weeks or months?
I dunno....and the best of all, I don't need to know, because I just play the odds.
So no need for Ego, no need to be right. A well hedged portfolio, in the long run, is always "right"...right? §8-)
Love you all, also the LOLs
#sowrong
COIN vs BTCNASDAQ:COIN vs COINBASE:BTCUSD
Correlation between COIN and BTC trend is high. In 2022 BTC will continue downtrend to reach bottom at around 15-25000$ which is 40-50% loss from current level. Lowest levels should be reached between 2022 and 2023.
COIN will follow BTC trends and if we assume that also will lose 40-50% from current levels the best moment to buy should be around end of 2022 for long term investors.
Next bull market on Bitcoin will start after next halving in 2024 and I believe again it will become trending in media. If Coinbase will take this chance for more aggressive marketing to bring more customers and offer new features we can see rally together with Bitcoin for new ATH.