COIN trade ideas
Coin zoomed in 250$Per request, and update on Coin but a little more zoomed in. You will note several inflection points colliding at my price target. The previous momentum trend (purple line), the long term red resistance and a fib all around the same area. This very strong pivot along with BTC bullishness signal the move. This is where I sold all of my Coin last time. Coin tends to front run BTC most of the time. I think we see this target again by Sept 5th.
-Short-term 250$ in two weeks
-Medium term 279$
-Long term (march) 350-400$
Coinbase (COIN): Anticipating the Next Big MoveNearly five months ago, we shared our last analysis on Coinbase, predicting a 30-40% drop.
And guess what? We saw a 40% decline. At that time, many were bullish on COIN and the broader crypto market, but we opted to wait and watch. In hindsight, this cautious approach was clearly the right move, especially given the higher time frame of our analysis.
Since then, we've climbed out of that zone, and everything seems to be progressing well. We're now looking for a 5-wave structure to the upside to complete Wave 5 and, consequently, the first cycle. Our target range for COIN lies somewhere between $286 and $412, but we believe the most likely range is between $290 and $325.
Currently, we have some swing positions open in cryptos, and we're not looking to enter Coinbase at this moment. However, either in the near or distant future, we plan to make a move. Specifically, our target for the big Wave (2) is the imbalance between $160 and $115, but it’s still a long journey before we reach those levels.
COINBASE - I really like the structure of this chartThe coinbase chart on the weekly is very clean.
The support and resistance levels are really defined and its creating a strong base for structure.
Coinbase has been range bound for over 5 months, which I like.
The longer the base, the greater the potential it has for very high prices when it breaks out.
And more important is coinbase has been in an uptrend for a year and a half.
I feel coinbase will have a short term pullback because the DAILY stochastic rsi is at oversold levels. (not shown)
I feel the pull back will take price down to the $192 area and find support there.
Price may even dip down to $161 to retest it as support. If it did this everything would still be fine.
When coinbase retests support between $161 and $192, then $283 will be its next test.
I feel $283 would be broken because of the way the stochastic rsi is positioned on the WEEKLY and 2 WEEK charts. (weeky stochastic rsi shown) Both are in oversold territory.
The price target after breaking $283 would be between $368 - $450 plus.
I set this target range between the all time high and the previous blow off top.
In the future, when coinbase reaches the yellow box, it should have a short term pull back.
Ideally it should retest the $283 level for several weeks before bouncing up and making another higher high.
I added a red line pattern of what this could look like.
COIN Weekly: Short Opportunity AheadHello Traders,
I’m sharing my latest analysis for COIN on the weekly chart. I've identified three parallel channels that define the price movement over time.
The price initially bounced off the upper boundary of the main (white) channel around $260. Following this, COIN has been moving sideways within a smaller (blue) channel for approximately five months.
The green channel represents the previous uptrend within the main white channel, but as COIN broke out of this channel, it has been consolidating in the blue channel, indicating a period of sideways movement. Currently, the price is at $206, sitting on the middle line of the blue channel.
Given the current setup, I advise a short position on COIN, targeting $120, which aligns with the middle line of the main white channel.
Coinbase (COIN) Shares Drop Below $200Coinbase (COIN) Shares Drop Below $200
Yesterday, shares of cryptocurrency exchange Coinbase (COIN) underperformed the broader market, falling by approximately 5%.
This decline is part of a worrying trend. While the S&P 500 (US SPX 500 mini on FXOpen) set records in mid-summer, Coinbase (COIN) struggled to surpass its March high. It seems the positive impact of the Bitcoin ETF launch earlier this year has faded.
Additionally, COIN's share price has been affected by a weak earnings report published on 1st August, where earnings per share fell significantly short of expectations (actual = $0.14 vs forecast = $0.95).
Adding to the negative sentiment is the news that if Kamala Harris wins the US presidential election, current SEC Chair Gary Gensler, known for his sceptical stance on cryptocurrencies, might be appointed as Treasury Secretary.
Technical analysis of the COIN chart indicates that price movements are increasingly forming a descending channel (marked in red), with:
→ Swing extremes forming a series of lower highs and lows. The false breakout at peak C1 relative to peak C can be seen as confirmation of bearish strength.
→ The psychological level of $200, which acted as support in May (during the formation of low B), may now serve as resistance, as only two trading days closed above this mark.
→ Another significant resistance level is $210, which served as support in June before being bearishly broken on 2nd August.
The bearish arguments are concerning. The $200-210 zone, reinforced by the median of the descending channel, could be a major obstacle for bulls.
However, analysts remain optimistic. According to average estimates from TipRanks, the target price for COIN is $259 over the next 12 months (+31% from current levels).
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
COIN bouncing from the 200MA NASDAQ:COIN is currently bouncing from it 200 MA with plenty of room to push higher on the RSI. Commentary has been picking up significantly and crypto and major corporations and Governments Showing great interest in establishing themselves in the crypto world…..With stocks due for another pullback, and September historically being one of the worst months of the year for stocks, I believe this is perfect timing to establish positions with exposure to cryptocurrency…..Let’s see how this plays out!
Drawing HTF Algorithms and Telling a Chart's StoryNot my best video but will definitely be helpful for those looking for a little more direction as to how I draw my algorithms and tell a chart's story -
- Are we being controlled by a bullish liquidity building algorithm?
- Are we respecting a buying continuation?
Multi-time frame analysis is key here if we want to identify the best trade entries - but HTF algos are the key points from which to trade from - those are where the market shows its' intention and moves from.
Please feel free to reach out with any questions or feedback!
Happy Trading :)
Coinbase UpdateThis move off the $161 bottom has seemed corrective to me. I have been saying that ever since it was made. I have also been saying I expect another low before wave ((5)) kicks off. Nothing has changed in my analysis. Yes, we could've bottomed and started wave ((5)) already, but that is my ALT, not my primary. Another drop towards the 1.618 and 0.382 in the $140-$142 area would not only create the OML predicted due to structure, but it would also ideally create positive divergence setting up price for a healthier raise to the next larger target box. This also lines up with crypto needing another drop in price. If I am right, then Coinbase is going to lose around 30% of its current value before raising to the low $300's. If BTC were to lose around 30% of its current value, then that points towards a bottom in the low $40k area.
coin to 250$ soonCoin looks to have made a strong pivot after a downtrend on the mini black monday. BTC also did the same, the stock bounced right off the fib pretty nicely. With this current attempt at the golden fib and a variety of intersecting areas of interest, I expect a push to near the circled area the first week of September.
-The top red resistance line has held strong since inception of the stock publically
-Retaking the purple line would be retaking the channel that was held since last August that was recently lost on earnings and mini black monday
-Taking the teal resistance topside of the channel would promote heavy upward momentum, I expect this in Oct/Nov
COINBASE rebounded on its 1W MA50. Next target = $390Coinbase (COIN) hit (and even broke) last week its 1W MA50 (blue trend-line) for the first time in more than 1 year (since the week of June 26 2023) and posted an incredibly bullish reaction by almost recovering all of the weekly losses.
At the same time, that drop almost touched the bottom of the 1.5 year Channel Up that started after the 2022 market bottom. All similar bottoms registered at least +146.82% rallies on the Bullish Legs that followed, so we expect the stock to have a minimum $390 Target, which will also reach the 0.786 Fibonacci Channel level, that is always hit during such rallies.
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Coinbase Remains In The Bullish Trend, So As Crypto MarketCoinbase is making strong and impulsive rally away from the lows, which should be completed by a five-wave bullish cycle from Elliott wave perspective.
We have seen some slow down for the last couple of months, but it looks like a clean wave 4 correction that can send the price higher into a 5th wave later this year.
Considering a positive correlation with the cryptocurrencies, it can also help Crypto market to stay in the bullish trend.
$COIN A Wild Ride with PotentialAlright, thrill-seekers, let's dive into the rollercoaster that is Coinbase's stock chart. Remember, technical analysis is all about the price action, baby! Forget the crypto chatter and macro noise; we're focusing on patterns, trends, and that sweet, sweet volatility.
🎢 The Coinbase Coaster: Buckle Up!
COIN's been wilder than a bull on a skateboard lately. It rocketed from $60 to $190 faster than you can say "crypto moon!" That's a 160% gain, proving that crypto stocks can be even more volatile than the coins themselves. So, strap in tight if you're hopping on this ride - your portfolio's gonna feel those bumps!
📈 Charting the Chaos
Let's break down what we're seeing on the charts:
Bitcoin Boom, Coinbase Soars: When Bitcoin took off in October 2023, Coinbase followed suit, surging a mind-blowing 300% at its peak.
Market Dip, Support Shattered: The recent market tumble sent COIN tumbling 40% in just 10 days, crashing through its trusty trendline support (that sky-blue line).
Fibonacci Flicker: The rebound pushed COIN back above the 0.382 Fibonacci level, but it's still shy of the more crucial 0.618 Fib around $130.
No Man's Land: Right now, COIN's stuck in limbo between those two Fib levels, hanging out at the bottom of its bull flag pattern.
Resistance Ahead: If it manages to climb back above $200, it'll face a tough battle at the $220 resistance zone (that red rectangle).
Dip-Buying Dream?: But, if it keeps sliding, we might see a juicy buying opportunity near the $140-$145 demand zone (mid-green rectangle), which also lines up with the bottom of the flag pattern.
🚀 The Takeaway for Young Investors:
COIN is a high-risk, high-reward play. If you're brave enough to ride the volatility, keep an eye on those key levels. A break above $130 could signal further upside, while a drop towards $140-$145 might be your chance to snag some shares on the cheap.
Remember, technical analysis is just one piece of the puzzle. Do your own research, consider your risk tolerance, and never invest more than you can afford to lose. And most importantly, have fun on this wild crypto ride!
COIN cup and handle Technical Outlook:
Bullish Setup: A cup and handle pattern is forming, suggesting potential for an upward breakout.
Key Levels: Watch for a breakout above the handle with strong volume. Support is solid at the 50-day moving average.
RSI: Still below overbought, meaning there’s room for upward movement.
Fundamental Snapshot:
Strong Q2 Earnings: Revenue jumped to $1.38 billion, largely due to increased trading volumes and the approval of Bitcoin and Ethereum ETFs (Crowdfund Insider).
Regulatory Risks: Ongoing SEC battles could impact growth, but recent ETF approvals are a positive sign (Crowdfund Insider).
COIN is closely correlated with Bitcoin so keep an eye on that as well.
If COIN breaks resistance, it could see strong gains, but keep an eye on regulatory news.
COIN…..retesting 200MA…..possible inverse Head & ShouldersI think it may be time to buy the dip on NASDAQ:COIN as equities grow more and more risky everyday. Current politics, inflation, and consumer sentiment has weighed heavily on the market. I believe we could see a nice rally in crypto throughout the remainder of August.
$COIN about to go sub $100While I'm a long term bull on NASDAQ:COIN , I think in the short term we're heading much lower.
Was originally thinking that this move would bottom in the $140-150 range, but I now think that it's likely that we see a correction down to the gray box.
If we look at the chart, NASDAQ:COIN formed a double top off the trend line. If we look at what happened last time this happened, price fell 85%+ down to the lows. I think something similar is about to happen where price falls quickly from here down to the gray box before end of the year.
That should present an amazing buying opportunity and then I think NASDAQ:COIN will enter it's next bull market which should take price well above the trend line.
Let's see what happens over the coming months.
Coin FibsOn the Monday scare Coin interestingly dropped right to a previously marked fib, within two days the stock has rallied right back to the golden ratio. This goes to show you how nonsense market fear reactions are, had you longed at the golden fib, let the stock dump to the green, doubled your long position and dropped your basis immensely youd be sitting pretty right now as it approaches the channel again.
-There is still work to do on this recovery, I think Coin usually precedes BTC moves
-I expect a slow grind back to the 20EMA (red)
-In sept/Oct I think we see a strong push to my target of 279$
Coinbase, the perfect company
As you have seen, in this idea we believe that Coinbase continues the super technical trend between gold zone and target zone. it's not a trade recommendation, it's just my view on the Market
$COIN Bullish flagBullish flag in the making. If upper resistance @ 255 can be broken, then 345 will become a target. Watch the $68k level break from Bitcoin. NASDAQ:COIN shows come correlation with the CRYPTOCAP:BTC price.
Triple top broken neckI'm shorting this. Triple top in the weekly timeframe. Strong pattern. The same as $BTC. I don't think the cryptos are coming back that soon. They need more time. And NASDAQ:COIN is going to follow. SL if a weekly candles closes above 215.
COIN short to $150?!While we wait to see this larger triangle (in white) play out, I see an interesting potential short on Coinbase. It looks to me that despite an arguable crypto bull market, Coinbase might need to retrace and set some new bullish technical structure -- perhaps an inverse head and shoulders, or bull flag -- before moving up later this year.
Momentum indicators also suggest a bearish turn is on the horizon. I've marked my TP zone in cyan and plan to take some off the table almost immediately if we get an impulsive move down.
Important caveat: I recognize that we've been trading in a parallel channel (yellow) for about 150 days, which might imply a bounce. In the medium term, I also think NASDAQ:COIN is likely to break this white triangle bullishly, rallying with a broader move up in the crypto markets.
Coinbase UpdateMan am I glad I set that stop last week. It was a tiny position, but I got out at point of entry so lost zero dollars. I honestly hadn't looked at crypto weekend until tonight and boy has it taken it on the chin. SOL will be down about 34% from last Monday and 23% just since Friday. BTC is down $16K in one week and $11K since Friday. Needless to say, I find it HIGHLY likely that COIN will open down BIG tomorrow a.m. bar something huge happening.
It looks like to me that price is making a more direct move for my larger target box. This suggests that the atrocious pattern off the $272.50 high was in fact a 5-wave for wave 1 of (C) of ((4)). That in turn implies that we're currently in wave 3. I would assume that with such a strong drop some investors will take the opportunity to buy some COIN shares at what they perceive as a discount (it technically is) which would kick off / carve our wave 4. This all assumes that Coinbase opens way down tomorrow. I find it a very real possibility that we hit my larger target box tomorrow, but structure needs to create positive divergence and create a wave 4 & 5 before a bottom can be made. Tomorrow will be very interesting indeed!!
Don't forget, I have essentially had this same target box for almost two months now for a wave ((4)) ending.
