Today, we will take a look at Coinbase. Currently, the price is down -26% since IPO. But what can we expect from here?
* After 223 days of trading since IPO, we have some context to make Technical Analysis and make some quick conclusions.
* We can see a clear transition between the beginning of the bearish movement to the sideways movement on the bottom and the beginning of a new bullish situation
* Now we can see a cloned channel broken and a Flag pattern, finding support there. The proportions between impulses and corrections are clear so that we can make our first conclusion on a possible direction
* IF the price breaks above "B" on the flag pattern, we will consider that as an activation level for our bullish view towards the 3 following levels:
-FIRST: First fibo extension
-SECOND: Previous ATH
-THIRD: Second Fibo extension (final target)
*For our view to stay valid, the price should not go below the cloned channel for more than a couple of candlesticks. Otherwise, the flag pattern will be invalid, and we should be open to a new bearish movement towards 240 (lower trendline of the ascending channel)
Thanks for reading! Let us know in the comments any view or idea you have about this.
* After 223 days of trading since IPO, we have some context to make Technical Analysis and make some quick conclusions.
* We can see a clear transition between the beginning of the bearish movement to the sideways movement on the bottom and the beginning of a new bullish situation
* Now we can see a cloned channel broken and a Flag pattern, finding support there. The proportions between impulses and corrections are clear so that we can make our first conclusion on a possible direction
* IF the price breaks above "B" on the flag pattern, we will consider that as an activation level for our bullish view towards the 3 following levels:
-FIRST: First fibo extension
-SECOND: Previous ATH
-THIRD: Second Fibo extension (final target)
*For our view to stay valid, the price should not go below the cloned channel for more than a couple of candlesticks. Otherwise, the flag pattern will be invalid, and we should be open to a new bearish movement towards 240 (lower trendline of the ascending channel)
Thanks for reading! Let us know in the comments any view or idea you have about this.