There isn't much to add to my COIN analysis. Price hit just shy of the 1.618 and then reversed. Price dropped by almost 10% from that last high. This bodes well for the top being in and the irregular (B) wave pattern prevailing. We still have a lot of work to do to prove that is what is happening though. Until we can breach $277 followed by a breach of $232.85, we can't be for certain. Yes, we will have hints on the way down. However, these price points will be what confirms the pattern lower. As I said above, COIN has a lot of work to do to prove its intentions. This last move up I think is largely due to the end of the quarter, congressional legislation, and FOMO.
MACD is back to within the red trend lines and appears to be weakening to the downside. This shouldn't be too surprising given how far we fell last Friday. That move lower, has created a 3-wave move thus far. Another local low before starting a consolidation higher would create a 5-wave pattern bringing more clarity, but it isn't required.
Again, I don't want to see another high made above last Thursdays if (B) is to be correct. A new high itself doesn't invalidate an irregular (B), but it would cause me to become very skeptical of it.
When I said last week that COIN has a pivotal moment right in front of it, I wasn't kidding. It appears to have chosen a move lower for now, but it is not guaranteed to continue and we could always move higher again from here. Just be careful in whatever position you take, and use stops to protect your assets.
MACD is back to within the red trend lines and appears to be weakening to the downside. This shouldn't be too surprising given how far we fell last Friday. That move lower, has created a 3-wave move thus far. Another local low before starting a consolidation higher would create a 5-wave pattern bringing more clarity, but it isn't required.
Again, I don't want to see another high made above last Thursdays if (B) is to be correct. A new high itself doesn't invalidate an irregular (B), but it would cause me to become very skeptical of it.
When I said last week that COIN has a pivotal moment right in front of it, I wasn't kidding. It appears to have chosen a move lower for now, but it is not guaranteed to continue and we could always move higher again from here. Just be careful in whatever position you take, and use stops to protect your assets.
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
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.
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
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.