As the crypto market is reversing the downside recently COIN (Coinbase Global INC. stocks) are bouncing off the strong support 116. If we get a strong continuation higher from here and a break above 140, COIN will mark the end of the basing from May 2022 in a range of 30 to 116. The most significant support seen on the monthly chart is 116.30. Also on the monthly chart, we see a falling trend line with 142 as a critical resistance. Learn to trade Crypto profitably.
The Weekly COIN chart reveals an addition to the previously mentioned, rising channel being formed. A break above 141 in the coming days is required for an upside extension and a test of 170 which is the exponential average of the high-to-low historical range 430 to 30. As long as the price is above 116 you can look higher. Only a confirmed break below 116 will lead to a basing range.
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As the famous trader says…
“Trade What’s Happening… Not What You Think Is Gonna Happen. ””Doug Gregory
How to trade this?
It is a fact that a strong upside resistance for Q1 2024 is 170. If we get a confirmed break here we could see a strong upside continuation and new highs. Near-term, long-trade entries have a higher probability of success. Short trade entries are also possible but only on a confirmed price-action break below 116. You can try a long trade here with a stop loss below 115. This trade entry has a huge Risk to reward. For inquiries about account management please write to [email protected].
