Coinbase: Weakening

Coinbase has recently shown signs of weakness and slipped noticeably lower. Despite another attempt to move higher, the share price continued to struggle with persistent downward pressure afterward. In our primary scenario, COIN should imminently begin a counter-move to the upside, although this rebound should fade below the resistance at $291.50. After the corresponding top, we are preparing for further sell-offs, allowing the ongoing larger correction to ultimately be completed below the support at $138.45. In our alternative scenario, COIN could also rise directly above the resistance at $291.50 as part of a magenta upward impulse, with a probability of 35%. This would ultimately confirm that the correction has already been completed.