Coinbase continues to gain after breaking up and out of the neckline of an inverse head and shoulders pattern, price is up +10% today - trade was initiated last week upon seeing the inverse head and shoulders breakout.
Due to the pop in price today I've raised my stop-loss level to $85.75 in case price reverses on profit taking. This stop level ensures that I exit the trade with a gain if price reverses, while at the same time leaves some room for volatility if price begins to fluctuate.
Lower PPO and TDI indicators are still reading bullish, but the green RSI line of the TDI indicator is now above the 80 level which is considered overbought meaning a correction to the downside can be expected.
Buy Price: $79.21 Stop-Loss: $85.75 Take Profit: $136-ish
Gain if I get stopped out at $85.75: +8.2% Gain if price reaches take-profit level: +71%
This stop level will remain adaptive to price movement, price has gained another 3% in the few minutes it took me to write this and COIN is now up +13% on the day.
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jstrandt
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That’s not a head and shoulders. It’s a triple bottom. To qualify for H&S it must have a neck and shoulder line.
Blakberi
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As an aside, I love your purple & green colours. It looks nice. Tbh, I am sick of the standard candles. Those are not my favourite colours! I shall consider tinkering with the settings.
Blakberi
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@Blakberi The customisability on TV is incredible! 😊
binglis34
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Took more profit today Several big events regarding Coinbase happening soon
PrepForProfit
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@binglis34, Good stuff. Nobody ever went broke by taking profits!
@freddika, I was stopped out of the trade for a +12% gain. Currently watching Bitcoin price to determine when to re-enter COIN. If/when Bitcoin can close above 31K I'll likely re-enter COIN. COIN closing above $91 would get me interested in the trade again as well.