Interestingly, COIN is showing both a bearish regular RSI divergence AND a hidden bullish divergence on the weekly.
Seeing as the latter has formed more recently, I tend to think we might see a rebound here rather than a bearish continuation, but it could all hang in the balance of the upcoming SEC Ethereum ETF decisions.
Coinbase and ETH remain closely tied. If all ETF submissions get rejected then we may see Coinbase fall briefly in tandem. But, if by some miracle, Gensler decides to approve them, I think we could see COIN rally up toward $350.
Keen to watch and see how this plays out.
Seeing as the latter has formed more recently, I tend to think we might see a rebound here rather than a bearish continuation, but it could all hang in the balance of the upcoming SEC Ethereum ETF decisions.
Coinbase and ETH remain closely tied. If all ETF submissions get rejected then we may see Coinbase fall briefly in tandem. But, if by some miracle, Gensler decides to approve them, I think we could see COIN rally up toward $350.
Keen to watch and see how this plays out.