Coinbase Global, Inc. (COIN) has started an amazing rally following our February 05 buy signal (see chart below) and is headed towards the $285.00 Target:
We are modifying the Channel Up to make contact with all three Higher Lows as the Higher Highs comfortably fit the 0.786 Fibonacci Channel retracement level. As you can see all previous Higher Highs have been formed with a 1D candle closing below the 0.786 Fib and right now the price is sitting exactly on that level.
This indicates that as long as the stock doesn't clos a 1D candle above it, we may see one last short-term pull-back towards the 0.5 Fib before eventually reaching the $285.00 Target. If however a 1D candle does close above the 0.786 Fib, we do expect the current rally to continue straight to the Target.
Notice at the same time the 1D RSI entering the 2023 Resistance Zone. This is an unnoticed key dynamic as the previous Higher Highs were priced after the RSI got rejected on the Resistance Zone and it entered back blow the 70.00 overbought barrier. Keep an eye for a timely exit.
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23 analysts said it will max out at 282$ and topple to 173$. If you look at RSI and MACD for yearly, we have about a month of consolidation around 170$ but we'll probably close lower before peaking up again. Insiders keep selling their shares since that lawsuit, my guess is there's something no one knows yet. Safest play is a condor right now, pretty cheap and you're gonna get 5-20% no matter where it goes due to the volatile nature right now.
We'll eventually have to retrace to the moving average, so please keep that in mind.
CipherCrypter
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Excellent spot on analysis. Keep updating it everyday. thank you.
We'll eventually have to retrace to the moving average, so please keep that in mind.