Coinbase (COIN) has been trading within a Fibonacci Channel Up ever since the Bull Cycle started on the January 06 2023 market bottom. The price made a Double Bottom on April 07 following the correction from its most recent High in early December.
That is a strong long-term market Support and a clear Demand Level as the stock's immediate rebound showed. The fact that it has currently flipped the 1D MA50 (blue trend-line) into a Support and is consolidating is a clear signal of a Re-accumulation Phase.
A break above its 1D MA200 (orange trend-line) will technically confirm the extension of the new Bullish Leg. The previous High was on the 0.786 Fibonacci Channel level and the one before that on the 1.0 Fib. If this declining rate continues, we should be expecting the next High to just hit the 0.618 Fib.
As a result, we have $400 as a medium-term Target, slightly above the stocks previous All Time High (ATH) at $370.
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That is a strong long-term market Support and a clear Demand Level as the stock's immediate rebound showed. The fact that it has currently flipped the 1D MA50 (blue trend-line) into a Support and is consolidating is a clear signal of a Re-accumulation Phase.
A break above its 1D MA200 (orange trend-line) will technically confirm the extension of the new Bullish Leg. The previous High was on the 0.786 Fibonacci Channel level and the one before that on the 1.0 Fib. If this declining rate continues, we should be expecting the next High to just hit the 0.618 Fib.
As a result, we have $400 as a medium-term Target, slightly above the stocks previous All Time High (ATH) at $370.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
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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.