Well the talk in town is all about Cryptos and Bitcoin. Has the bull market ended ? What to do ? What is going on ? Relax. Nothing ends, its a correction but we are just at the start of a new era as to Cryptos. My advice when there is turbulence is of course to study the charts but above all to look at the big picture. I know people who always follow short term charts like some minutes, hours or maximum daily charts. Take a step back, look at the big picture, weekly charts, monthly charts.
A stock which was one of the big events of this year and so far has disappointed investors is COINBASE. I decided to take a look at it since it is affected by the Cryptos moves. I find the chart very interesting. You can see how it failed during its 4th leg (up) to cross the lines and its 5th move (down) which possibly created a bottom. I just need confirmation to BUY this stock which will be an important one in the future (I also like Voyager). So, my 1st confirmation will come from $247 to $250 and this will be my 1st BUY zone. I like the stock. It just need to give some confirmation about a change of its trend. For now I am neutral but soon I may be bullish on Coinbase.
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The move of COIN after the possible Wave 5 is longer than normal. So we may have a complec pattern so better wait for a clarification of the overall process
@The_Master_, THANKS and if you have some question as to some investment send it as a comment and I will try to prepare some analysis. Have a nice day.
winstox
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The move of COIN after the possible Wave 5 is longer than normal. So we may have a complec pattern so better wait for a clarification of the overall process
Agreed. What indicator are you using to create those waves and how do you interpret them. Interesting! What does the compression and expansion of waves signify? Yes, I am new to this. Thank you.
winstox
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@nickt3, Hi. Compression and expansion of the coloured lines mean that a major move may be ready but what matters the most is the behaviour of price as to the coloured lines and how the yellow ones are moving. The lines represent specific moving averages which I chose after a lot of study. The legs or to be more precise the "waves" (1 to 5) are based on Elliott Wave analysis which is my best tool for analyzing the charts.
nickt3
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@winstox Thank you...more for this sponge to absorb.
winstox
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@nickt3, if as you say you are new to Technical Analysis, use the golden rule: keep it simple. Read a lot and follow what seems better for you. If you need some specific stock, index, crypto etc ask me and I will try to include it in my future analysis
nickt3
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@winstox, thank you, will do. Very interested in crypto. Started looking into it in 2017, mining since 2018 (3 home built 6 card rigs), trading seriously since this Feb.
The volatility/ volume, growing acceptance, etc, all point to good movements ahead.
I like everything you say