Coinbase Update: Nearing a local top?Coinbase has been on a tear lately. I first posted when it was around $170 and mentioned I had gone long around $137 originally. We are now about to hit the 1.382 fib @ $190.51. It is here that I believe we should bounce off and head down for a wave (4) retrace. Ideally this shouldn't drop below the 1.0 fib but that is just a guideline. The main thing is waiting for an A wave to form followed by a B wave. You can then start to predict where the following C wave should end.
Soon, if we hit the 1.382, depending on structure and strength, there is a good chance I will buy a couple puts with a strike around $130. Take a look at the MACD, price is still rising/making a new high even though MACD's lower. This indicates the move up should be ending soon. If MACD makes a new high then it will indicate we are headed higher yet, but as of now, we're on negative divergence. When/if I enter into a trade, I will post it on here.
