Please refer to our previous post:
In this post we were looking for sellers to come in at our red box between $350-$370. This did originally happen but as soon as we breached the red box price started pumping towards the top of our white box.
The top of our white box was around $430 (First day trading price) and once price reached that level we could not close a candle above. We reached a high slightly higher around $444 but as soon as we close a weekly below the top of the white box we have seen downwards momentum ever since.
We are getting close to our first level of support around $270-$280 and want to see that hold if we want to see a retest of high.
Right now COIN is not in a good spot on the weekly as we have a macro double top (around $430) as well as a bearish divergence forming on the weekly.
So although in the short term we are nearing some key support levels be aware that on the weekly we might be seeing the start of a bear trend. Coinbase's stock did skyrocket 1,300% in the last 2 and half years so a strong pullback to normal valuations would not be out of the picture.
In this post we were looking for sellers to come in at our red box between $350-$370. This did originally happen but as soon as we breached the red box price started pumping towards the top of our white box.
The top of our white box was around $430 (First day trading price) and once price reached that level we could not close a candle above. We reached a high slightly higher around $444 but as soon as we close a weekly below the top of the white box we have seen downwards momentum ever since.
We are getting close to our first level of support around $270-$280 and want to see that hold if we want to see a retest of high.
Right now COIN is not in a good spot on the weekly as we have a macro double top (around $430) as well as a bearish divergence forming on the weekly.
So although in the short term we are nearing some key support levels be aware that on the weekly we might be seeing the start of a bear trend. Coinbase's stock did skyrocket 1,300% in the last 2 and half years so a strong pullback to normal valuations would not be out of the picture.
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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.