📉 Coinbase Grows 798% | Weekly Structure Break-DownRight now saying COIN or BTC is the same, if you want to know where the market is headed. Where Bitcoin goes, Coinbase follows.
Bitcoin is headed lower.
We are going to be looking at Coinbase (COIN) on the weekly timeframe.
First, we have the classic rounded top pattern, kind of like an inverted cup; we know this pattern to be a top signal.
➖ The week 11-March COIN produced a bearish close.
➖ The two weeks that followed, COIN wicked higher but closed below the 11-March session open, so remaining within this rounded top range.
➖ This week starts full red and works as bearish confirmation of the previous bearish candlestick based signals.
➖ This action is happening around the same level that rejected a recovery back in December 2021; this is strong resistance.
➖ The wave coming from early Jan through March has perfect proportions; This chart structure, price action, marketwide action and signals are pointing toward a correction.
👉 150 Should be an easy target for this correction, don't expect any less.
👉 It can go below 140 but we have to wait and see... The correction can go for many months... Say it only takes two months to hit bottom but it takes 6 months to move back up to current levels. The whole period would be 8 months and for someone bag holding, that would put you only at breakeven.
There can be one more leg up, one final jump, more growth and it keeps on going... But this is highly unlikely. There is always the possibility of the market going for more but this is a low probability scenario when we consider the action happening with the other charts.
Namaste.
