Coinbase TargetBellow is my analysis about NASDAQ:COIN price target using fibbonaci internal and external retracement.
COIN trade ideas
COIN - TRADE PLANCheck out the trade plan for COIN today based on the technical analysis. Hit the thumbs up if you like the content.
Coinbase On Its Way DownCoinbase has reported declining earnings for the last two consecutive quarters in a row.
The recent high peaked at the downward slopping trend line which corresponded with a 50% retracement.
Expect $COIN to decline in tandem with the crypto markets.
COIN - Gap down Jumped the big supply area around from 83 to 77 and closing lower on higher volume. Might do quick reversal but at this point i think 63 area is possible. will look for longs on the way down (63 and hopefully the 50 area). watch out for bitcoin's price.. Please share your comments. NFA
$COIN going on vacation selling putsGoing on vacation out of the country for a few weeks. I like selling OCT $60 puts as an idea to help pay for the trip and more of a hands off strategy.
Coin is down -10% today and been putting in high beta moves. However with a nice volume shelf and demand in the 60 zone, I don't mind selling cash secured puts for 6.75 in credit.
Worse case, I get assigned and start wheeling on this juicy name. Will start trimming at +30% or so depending on time. I really don't want to be checking the market while on vacay though.
Cheers
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 longNice basing after black rock news would be nice to see this squeeze after a couple days of chiling here (potential gap fill reversal play here)
COIN AnalysisPrice is currently consolidating. No changes in my expectations for the price. I'm expecting price to go lower from here, taking out the sell-side liquidity built. Alternatively, we could see the price bouncing off the bullish POI at 79.00.
COIN finally broke out from consolidation ⚡now its trying to use previous resistance from its consolidation faze as a new support! very bullish if this happens!
Watching for break of 98.23 for longs / break below 79.82 for shorts
dont forget to drop a boost and follow for more 💛
COINBASE call debit spread 80-120Price consolidating in channel of previous neckline. Will be looking for houly bullish divergence on rsi for long opportunity for next leg up. In the money Call debit spreads with 3-4 week outlook. Targeting daily supply (120)
Coin forming a base? Coinbase
Short Term
We look to Buy at 84.07 (stop at 66.49)
Price action looks to be forming a bottom. Price action looks to be forming a bullish flag/pennant. Dips continue to attract buyers. Further upside is expected although we prefer to set longs at our bespoke support levels at 80.00, resulting in improved risk/reward. Expect trading to remain mixed and volatile.
Our profit targets will be 148.88 and 159.10
Resistance: 115.00 / 150.12 / 206.00
Support: 80.00 / 50.34 / 44.15
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Rectangle*Short interest is over 20%*
Neutral pattern.
ES is a break of bottom trendline with a down trend and vice versa.
Targets above the rectangle are possible targets up and vice versa.
Price should break a trendline with a clear trend in that direction.
I see a partial throwback where price broke free of top trendline but appears that an earnings miss threw price back to the top trendline which is now support.
Coin moves with the coins I suppose. It seems the coins have been moving with the market as of late.
Bullish Harami right now. This can change by close.
Support and resistance levels were made to be broken.
No recommendation
$COIN - Patience is Key.... time to reload [¦¦¦¦ ]--layoffs
-$btc (mini-)run
-markets recovery
->Next earnings may not be that bad. Just reload and cross your fingers!
Obviously, this is no trading advice LoL
$COIN - Coinbase: Bearish Rising Wedge formation and Triple TopBearish Rising Wedge formation and Triple Top in 4h TF.
I expect it to dump to the first support level at $60.. Most likely $BTC will follow this move.
COIN 1H Long Trade1H Long
COIN reached an expected demand zone assumed from a previous minor low and shifted pitchfork momentum. Stop loss set below support. 4:1 upside ratio.
Let's see how this plays out.
COINBASE updated levels (Nomad News?)
This is an update to my Coinbase Idea from July 26, linked below.
I've mapped couple new levels but my overall plan hasn't changed, waiting for Earnings on August 9th.
Coinbase flying today, only reason I can think of is the $200mil Nomad exploit.
Price is hesitating to break above the Golden Pocket of fibs taken from July 20th. A lower timeframe will help in identifying an entry if the price breaks above GP.
Price breaks above GP (with a confirmation)
Target #1: 71.65
Target #2: 76.90
Price gets rejected by GP
Target: 63.5 this is a tested level, Short trade will require some vigilant TP adjustments.
If you've got an eye on some interesting charts, please let me know, I'd be happy to take a look.
This is my Thesis, targets are purely hypothetical based on my analysis.
This is NOT Investment and/or Trading Advice.
Happy Trades!
❤️ If you enjoy my ideas , Please like/comment , It means a lot, Thank You! ❤️
COIN earnings on 8/9 @ 4:10pmCOIN earnings are on 8/9 @ 4:10pm. Coinbase is jumping today after the crypto exchange announced a partnership with BlackRock that will allow its institutional clients to buy bitcoin. Services in the company's Prime offering will be available to clients of BlackRock's portfolio management platform for institutional investors. BlackRock is the largest asset manager in the world with more than $8 trillion under management. My target is +$120 by next week Tuesday 8/9.
Do your own due diligence, your risk is 100% your responsibility. This is for educational and entertainment purposes only. You win some or you learn some. Consider being charitable with some of your profit to help humankind. Good luck and happy trading friends...
*3x lucky 7s of trading*
7pt Trading compass:
Price action, entry/exit
Volume average/direction
Trend, patterns, momentum
Newsworthy current events
Revenue
Earnings
Balance sheet
7 Common mistakes:
+5% portfolio trades, capital risk management
Beware of analyst's motives
Emotions & Opinions
FOMO : bad timing, the market is ruthless, be shrewd
Lack of planning & discipline
Forgetting restraint
Obdurate repetitive errors, no adaptation
7 Important tools:
Trading View app!, Brokerage UI
Accurate indicators & settings
Wide screen monitor/s
Trading log (pencil & graph paper)
Big, organized desk
Reading books, playing chess
Sorted watch-list
Checkout my indicators:
Fibonacci VIP - volume
Fibonacci MA7 - price
pi RSI - trend momentum
TTC - trend channel
AlertiT - notification
tickerTracker - MFI Oscillator
www.tradingview.com
BlackRock’s crypto deal helps COIN shares ahead of Q2 results Coinbase's shares breached a nine-week high and peaked at $101.18 in the first week of August following the announcement of its partnership with the world's largest asset manager, BlackRock.
Shares of the cryptocurrency exchange platform operator had been on the rise and reached the nine-week high of $80.81 when the market closed Aug. 3. The following day, it rose further after the partnership was made public and closed the week at $93.05.
Starting a new trading week yesterday, COIN climbed another 5.4% and has now settled at $98.02.
Private equity-crypto fusion
On Aug. 4, Coinbase and BlackRock said they are teaming up to deliver direct cryptocurrency access to institutional clients of Aladdin, the private equity giant's end-to-end investment platform. The collaboration makes use of Coinbase Prime to provide Aladdin clients with crypto trading, custody, prime brokerage and reporting capabilities.
Industry participants believe it could set a precedent for other investors and alter how they look at crypto economy, Blockworks.co reported. They added that it is an indication that institutions are looking beyond the current widespread volatility.
Bullish on Q2 figures
The spike in Coinbase's shares was also attributed to analysts' forecast of better-than-expected results for Coinbase's second quarter performance, Cryptoslate reported. Considering, however, that Wall Street's expectations is a year-over-year decline in earnings.
Since the beginning of 2022, bitcoin has lost more than 50% of its value because of tighter global financial conditions. This dragged Coinbase's shares more than 60% since January, Quartz reported.
The BlackRock collaboration couldn't have come at a better time for Coinbase. However, for short sellers betting against Coinbase, the latest development might have been an unwelcome surprise as it prompted them to close their positions by buying shares, which pushed the prices even higher in what was known as a short-squeeze, The Wall Street Journal reported.
World’s largest asset manager
BlackRock had $8.487 trillion in assets under management as of June 30 and being the world's largest asset manager, any investment move it makes hardly goes unnoticed. Coinbase, with a more traditional client base, could definitely benefit from BlackRock's vote of confidence and the additional exposure to Aladdin's more than 200 institutional users, including insurers, pensions, corporations, banks, and asset managers.
For BlackRock, the partnership is the latest step into its digital-assets ecosystem journey, which seemed unlikely five years ago when its chairman, Larry Fink, called bitcoin an "index of money laundering," Forbes reported. Joseph Chalom, global head of strategic ecosystem partnerships at BlackRock, said "this connectivity with Aladdin will allow clients to manage their bitcoin exposures directly in their existing portfolio management and trading workflows for a whole-portfolio view of risk across asset classes."
Furthermore, according to Quartz, the deal is a way for BlackRock to dip into crypto markets with little effort and risk. It noted that working with Coinbase will allow the asset manager to abandon the project if clients lose interest, or regulators crack down on crypto trading, which is something it cannot do if it opted to build its own crypto capability.
Coinbase is slated to announce its second-quarter results after market close on Aug. 9. During its first-quarter results announcement in May, the company wasn't very bullish of its prospects for the April-June quarter with expectations of quarter-over-quarter drops in monthly transacting users, total trading volume and subscription and services revenue. Back then, it also kept its full-year 2022 guidance and reaffirmed commitment to a significant, yet prudent, investment in the future of crypto.
COIN AnalysisPrice is on a high timeframe downtrend. Price has mitigated the bearish POI at 111.80 on 4 August 2022, and has pushed strongly to the downside. It is important to take note that we have earnings on 10 August 2022. Based on the chart, I'm expecting price to retrace to the downside, at least into the bullish POI at 79.00. If bear momentum is strong, we can see price taking out sell-side liquidity and target the lows at 40.83.
COIN moment of truth COIN managed a nice pop on its somewhat odd news if a partnership with Blackrock. But let’s be honest, if it doesn’t gain earnings momentum and take the overhead resistance it will find itself back below $80 in a hurry. Lots of overhead supply and weakening fundamentals are a dangerous combination in this market.
