Big move from Coinbase — now pushing into a major weekly supply zone between $350–$370.
This zone has capped every rally since Q1 2022. Price tapped it during the 2024 crypto run and got rejected hard. Now we’re back — and weekly RSI is once again testing overbought territory.
This sets up two key scenarios:
*Scenario 1 – Breakout
A clean breakout above $370 would be significant. That level aligns with prior rejections and sits just below IPO highs near $430.
If $430 is cleared, the next target is the 1.618 fib extension near $580–600
This would likely coincide with Bitcoin pushing to new ATHs
*Scenario 2 – Rejection
If sellers defend this supply zone again:
Look for a pullback toward the $280 zone (bottom of the white box)
Lose that → next downside target is $160, just above the weekly double bottom that kick started the recent rally
*RSI is the wild card
Weekly RSI is knocking on the same level that preceded a 60% drop in late 2024. Last time we broke above it (early 2024), COIN rallied 90%.
Break or reject — the RSI will likely front-run the next move.
This zone has capped every rally since Q1 2022. Price tapped it during the 2024 crypto run and got rejected hard. Now we’re back — and weekly RSI is once again testing overbought territory.
This sets up two key scenarios:
*Scenario 1 – Breakout
A clean breakout above $370 would be significant. That level aligns with prior rejections and sits just below IPO highs near $430.
If $430 is cleared, the next target is the 1.618 fib extension near $580–600
This would likely coincide with Bitcoin pushing to new ATHs
*Scenario 2 – Rejection
If sellers defend this supply zone again:
Look for a pullback toward the $280 zone (bottom of the white box)
Lose that → next downside target is $160, just above the weekly double bottom that kick started the recent rally
*RSI is the wild card
Weekly RSI is knocking on the same level that preceded a 60% drop in late 2024. Last time we broke above it (early 2024), COIN rallied 90%.
Break or reject — the RSI will likely front-run the next move.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.