Technical View on COIN
*Since the IPO, the price has been falling to a -51% from which is trying to recover now.
*Currently, we can see a range (yellow lines) and a first breakout attempt that at the moment has failed, and we are observing a "retest" that may continue falling, which will invalidate this view if that's the case.
*However, if that scenario doesn't happen. How can we develop bullish setups on the current structure? The answer is above the Range and above the last minor resistance of the current correction (activation level). If the price reaches the level, we expect a movement towards the two green arrows as target 1 and target 2
*We have defined the targets using fibo extensions and range projections.
*From the activation level, this movement can take between 20 to 35 days.
*If the price reaches the activation level, a perfect area for stop loss is below the full corrective pattern (Never risk more than 1% on trades like this).
Thanks for reading guys!
*Since the IPO, the price has been falling to a -51% from which is trying to recover now.
*Currently, we can see a range (yellow lines) and a first breakout attempt that at the moment has failed, and we are observing a "retest" that may continue falling, which will invalidate this view if that's the case.
*However, if that scenario doesn't happen. How can we develop bullish setups on the current structure? The answer is above the Range and above the last minor resistance of the current correction (activation level). If the price reaches the level, we expect a movement towards the two green arrows as target 1 and target 2
*We have defined the targets using fibo extensions and range projections.
*From the activation level, this movement can take between 20 to 35 days.
*If the price reaches the activation level, a perfect area for stop loss is below the full corrective pattern (Never risk more than 1% on trades like this).
Thanks for reading guys!