COIN seems to have lost its way this week.
After last weeks mostly horizontal movement which could have eventually lead to some modest ascension,
this week has proven that COIN is still struggling to find reliable horizontal support,
starting off at around $300, only to drop to $275, followed by $250.
Any significant upward price action has been met with heavy resistance,
followed by even more substantial downward price movement,
and each major peak has been lower than the previous.
The particular downward fib channel used in the chart
shows COIN barely managing to break the 0.236 fib,
and not being able to clear the 0.382 fib at all.
And as for the 0.236 fib showing any support once it's broken...
well, there hasn't been much of that either...
the zero fib line has been the only thing between COIN and the bottom of a deep ocean.
COIN ended the week like a bicycle with no one on it that was pushed down a long steep hill towards a ramp...
and while it did manage to hit the ramp and get some air, the finale was hardly thrilling... a jump to $264... about $14 above its all time low of $250.
As usual, I'll be keeping my eye on COIN.
Just watching it, charting it...
the lower it goes, the less expensive it will be if I were to make a move.
I still think that there is an opportunity to profit long long-term here...
it's just a matter of when.
// Durbtrade
After last weeks mostly horizontal movement which could have eventually lead to some modest ascension,
this week has proven that COIN is still struggling to find reliable horizontal support,
starting off at around $300, only to drop to $275, followed by $250.
Any significant upward price action has been met with heavy resistance,
followed by even more substantial downward price movement,
and each major peak has been lower than the previous.
The particular downward fib channel used in the chart
shows COIN barely managing to break the 0.236 fib,
and not being able to clear the 0.382 fib at all.
And as for the 0.236 fib showing any support once it's broken...
well, there hasn't been much of that either...
the zero fib line has been the only thing between COIN and the bottom of a deep ocean.
COIN ended the week like a bicycle with no one on it that was pushed down a long steep hill towards a ramp...
and while it did manage to hit the ramp and get some air, the finale was hardly thrilling... a jump to $264... about $14 above its all time low of $250.
As usual, I'll be keeping my eye on COIN.
Just watching it, charting it...
the lower it goes, the less expensive it will be if I were to make a move.
I still think that there is an opportunity to profit long long-term here...
it's just a matter of when.
// Durbtrade
