Today’s analysis – COIN – trading above its Local OB that is acting a current support,
Points to consider,
- Price Action Impulsive
- Dynamic S/R Support
COIN immediate price action is impulsive, trading above its Local OB where a deviation to the highs allows for a bias.
The 1.618 is the immediate target, exceeding this will increase the probability of a trend continuation.
The current node is below average, an increase is highly imminent when an expansion occurs.
The is trading in its control zone, reaming in these regions is indicative of strength.
Overall, in my opinion, COIN is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
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“Trade the market in front of you, not the one you want!” – Scott Redler