Bitcoin broke the key level which it held for many months. Yesterday Coinbase´s price bounced from the key support however we expect that Coinbase stock will follow Bitcoin´s path therefore getting rejected from the resistance (red line) wouldn´t be surprising. According to technical analysis, support which is tested more times is more likely to break down.
If the price retests the support at 45 $ again, we believe that it will break and from there the price will drop to $16 - $ 20 which could be a bottom. It´s also a 1,618 fib extension.
Sentiment in cryptocurrency market is mega bearish therefore it´s likely that coinbase´s price as a crypto firm will continue decreasing.
Stay safe.
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The price is testing the key support again. As stated before: expecting the support to break this time and real dumping starts. Short recommended.
Trade active
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The key support failed as expected and now it's acting as a resistance. We should see more dumping soon. Long-term target is around $20, however around $32 there's a target from the head and shoulders formation on 4 h timeframe:
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Good progress on this trade!
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The target from the head and shoulders pattern was reached. Most likely now we will see a bounce before moving towards 1,618 fib extension (around 20 $). Take profit, don't be greedy.
I don't think the actual price will be everything as critical as all bears say, I think bears keep saying it should fall to 15 a share and be one of the worst boondoggles in history. I think bears always overlook all of the stakeholders backing it, all the dip buyers, all the competitive advantage Coinbase won this week is worth billions and then act angry its not down to 15 yet. This is a excellent bear chart though! Could definitely be right. I just think if Coinbase dies crypto may as well literally not exist I don't see the USA allowing Binance to control all the worlds Bitcoin.
Sorry you triggered me, rant off, GLTA.
Dukenukem128
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@TheEarningsGambler, so many good points there, coinbase aligns with freedom, bianance doesn't, we will squeeze for next 2 months
TheEarningsGambler
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@Dukenukem128, Thank you for your supportive comments!
@TheEarningsGambler, Hate to be the guy with the hindsight to spoil the party, but either way the chart has a great analysis with correct technicals and sentiment considered, so makes sense this play worked. Nice work OP.
I disagree with your position. Older timeframes counter your parsing. I think your parsing looks like it was copied from a textbook, I should have tweaked the analysis.
Gold-Tech
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Whether you're right or wrong, the price will show in the near future. But I agree with you.
Sorry you triggered me, rant off, GLTA.