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.
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.
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
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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.
Go to ewtdaily.com for DETAILED DAILY UPDATES on 27 unique tickers and a daily zoom call with members to discuss latest analysis and get a 7-day FREE trial
Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
Related publications
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.