COINBASE targeting $470 after this accumulation is over.

BATS:COIN   Coinbase Global
Coinbase Global (COIN) has been consolidating around its 1D MA50 (blue trend-line) since late May. The long-term trend remains bullish (since the January 2023 bottom) and is best illustrated by the use of the Fibonacci Channel. Right now the price is exactly on its middle (0.5 Fib level).

The stock is no stranger to consolidations like this as within this Channel Up pattern, it has seen another 3 similar Accumulation Phases (green arcs). The minimum rise following such a phase has been +146.82% and it has so far happened twice. The last Bullish Leg is such an example.

Technically, the current Accumulation Phase resembles more the one that ended in October 2023. The next time we close a 1W candle above the 1D MA50, COIN will most likely confirm the start of the new Bullish Leg.

If we assume it will again rise by the 'minimum' +146.82% rate from May's Low, then expect a direct hit this time at the top (Higher Highs trend-line) of the Channel Up. Our Target is $470.00.


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