COIN
Hi friends, Today was a Good Day!
At the beginning of this month I went on an adventure, I've done my due diligence on Coinbase. An exchange I love, It was a first legit crypto exchange I used back in 2013. Our relationship was great, coins went in cash came out.
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I decided to flex and did a bit of financial evaluation.
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My Idea on July 4th - Coinbase *checks papers* overvalued,
yielded a great Long towards the resistance.
Consensus was simple, I would like to see Coinbase trade closer to its Tangible Book Value, a range of 35.22 to 23.48
July 20th Idea - Coinbase Rumors with some News sprinkled on top.
I was still in an active trade, targeting 70.3 and seeing where it goes from there. I've presented a timeline of what I believed were signs of trouble at Coinbase.
July 22nd Idea - COINBASE What happens to a dream deferred?
With my Long trade completed, I've reassessed my targets and prepared to Short. Targeting 63.5, and 53.5 if all went well. For a few days the price cruised along the upper channel wall. And then I saw THE NEWS! Coinbase taunts the SEC, and next day they're under investigation. As Short signals go, that was a pretty solid one.
Today both Targets hit, the price currently sits near 53.5.
Best case scenario, I see the price reach my Tangible Book Value range sometime around August 9th.
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I invite you to checkout my other three Coinbase ideas, linked below.
If you found any of this interesting, please leave a like/comment.
Thanks!
WhoIsWu
Will it retrace from 63.5, coinciding with the channel wall rejection. Or COIN will breakout and aim for 67.7