Dear subscribers
After our last analysis on Coinbase
COIN
, which was published on 04/19/2022, the company's stock fell from $150 to $40.
At that time, we pointed out the risks in coinbase and warned traders to not invest in this stock. Originally we expected a drop to $91, however coinbase corrected even lower to nearly $40. After this horrific -57% loss, we would like to inform subscribers about our expectations.
"We would like to point out that Mendenmein-Capital does not hold any positions in coinbase and did not recommend investments in this stock in our last article"
However our analysts are watching the stock very carefully and if we choose to buy into coinbase we will announce it here!
Coinbase's quarterly report was disappointing for most investors and our analysts don't find anything positive in it as well. Compared to the same period last year, CEO Brian Armstrong disclosed that fewer investors used coinbase's trading platform compared to last year. Additionally the revenue dropped to $1.17 billion, this was a suprise because coinbase managed to be profitable in the same period last year.
Finally coinbase originally planned to make a profit of $3.05 per share, but the quarterly report showed that investors will have to suffer a loss of -$1.98 per share!
These disappointing results prompted rumors of a possible insolvency of the company and worried investors further. However, the company's CEO Brian Armstrong announced via Twitter that coinbase wouldn't be at risk of such a disaster.
The only positive news in Coinbase is that Director Frederick Ernest Ehrsam III made a massive purchase of $50,000,176 worth of shares on 4/13/2022. This suggests that the company is better off than the public assumes after all. Watching the behavior of insiders is always very important when it comes to analyzing companies and should not be ignored!
Technical explanation of the Elliot Wave structure:
The selling volume in coinbase has caused the price of the stock to plummet to incredibly low levels. A few days ago, the stock hit a temporary low at $40 and has since recovered slightly.
However, this move suggests that this was not yet a sustainable increase and our analysts expect coinbase to slip below $40 again. A final turquoise wave (5) will therefore bring us to a new all-time low and from there on an investment in this stock must be carefully evaluated.
According to our trading strategy and the Elliot wave theory, a wave 3 should then begin, which should bring us back to prices above $200 and more.
===============================================================================================================
After our last analysis on Coinbase
COIN
, which was published on 04/19/2022, the company's stock fell from $150 to $40. At that time, we pointed out the risks in coinbase and warned traders to not invest in this stock. Originally we expected a drop to $91, however coinbase corrected even lower to nearly $40. After this horrific -57% loss, we would like to inform subscribers about our expectations.
"We would like to point out that Mendenmein-Capital does not hold any positions in coinbase and did not recommend investments in this stock in our last article"
However our analysts are watching the stock very carefully and if we choose to buy into coinbase we will announce it here!
Coinbase's quarterly report was disappointing for most investors and our analysts don't find anything positive in it as well. Compared to the same period last year, CEO Brian Armstrong disclosed that fewer investors used coinbase's trading platform compared to last year. Additionally the revenue dropped to $1.17 billion, this was a suprise because coinbase managed to be profitable in the same period last year.
Finally coinbase originally planned to make a profit of $3.05 per share, but the quarterly report showed that investors will have to suffer a loss of -$1.98 per share!
These disappointing results prompted rumors of a possible insolvency of the company and worried investors further. However, the company's CEO Brian Armstrong announced via Twitter that coinbase wouldn't be at risk of such a disaster.
The only positive news in Coinbase is that Director Frederick Ernest Ehrsam III made a massive purchase of $50,000,176 worth of shares on 4/13/2022. This suggests that the company is better off than the public assumes after all. Watching the behavior of insiders is always very important when it comes to analyzing companies and should not be ignored!
Technical explanation of the Elliot Wave structure:
The selling volume in coinbase has caused the price of the stock to plummet to incredibly low levels. A few days ago, the stock hit a temporary low at $40 and has since recovered slightly.
However, this move suggests that this was not yet a sustainable increase and our analysts expect coinbase to slip below $40 again. A final turquoise wave (5) will therefore bring us to a new all-time low and from there on an investment in this stock must be carefully evaluated.
According to our trading strategy and the Elliot wave theory, a wave 3 should then begin, which should bring us back to prices above $200 and more.
===============================================================================================================
If you should have any questions regarding our analysis or elliot wave counts feel free to contact us.
