ew-forecast

Bearish Looking COINBASE May Have An Impact On The Crypto Market

Short
NASDAQ:COIN   Coinbase Global, Inc
Hello traders and investors!

Today we will talk about COINBASE, its price action from technical point of view and wave structure from Elliott Wave perspective.

When COINBASE was listed back in April, we have seen a massive decline by five waves, which in Elliott Wave theory suggest first leg "a". At the same time, Crypto market was also down. Well, from May lows COINBASE made a three-wave (a)-(b)-(c) corrective rally in wave "b" right into golden 61,8% Fibonacci retracement , where we also see a nice resistance from previous wave (ii) swing high.

As you can see, COINBASE is now sharply down again, which indicates that wave "b" is completed and wave "c" underway which can send the price back to May lows.
If we consider that COINBASE is a Crypto exchange and that is quite nicely correlated with Crypto market, then we will have to be very careful with Cryptos in December, so watch out for a sell-off at the end of the year.

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