Coinbase $COIN Trade Idea

Coinbase COIN caught my eye last Friday. It looked like the price was breaking out through the major resistance zone.

Today I had 3 profitable intraday trades with COIN and found the stock respecting the demand & supply levels fairly well.

With the daily candle closing above the resistance level, I believe that COIN could be in a short and medium term uptrend.

We see that since the low at the beginning of 2023, the stock has been making higher highs and higher lows, which is typical of an uptrend market structure.

All moving averages that are important are pointing up as you can see on the chart, confirming the trend thesis.

We might see slight pullbacks in the near term but it seems that the overall trend is bullish.

One other thing to note is that a price essentially created a H&S pattern, breaking the shoulder line on today's candle.

I've outlined a few upcoming resistance levels coming up, but there seems to be quite a bit of room for profitable trades. I plan to enter another long position tomorrow, provided that the price moves in my desired direction.

In my opinion, we can see resistance at about $130, $145 and $155.

I would note that the osciliators are looking a bit overbought at the moment, but I could potentially see the price moving to $130, then taking a pullback and then resuming uptrend prce action.

Obviously we need to be cognizant of the overall market conditions, but under normal circumstances this would be my analysis of this potential trade idea.

We can also see that COIN exceed the last 4 earnings esitmates, leaving the overall bullish sentiment.

Hope this helps to all the readers. If so, follow me for more ideas!

Good luck with your trades!

Trade closed: target reached