AyBe_Invest

COIN stock movement. Does it follow BTC?

Long
NASDAQ:COIN   Coinbase Global, Inc
Hi everyone,

This time we are taking a look at recently IPOed NASDAQ:COIN stock.

It may seem obvious that NASDAQ:COIN price is following crypto market movement.
If that's so, do technical indicators matter for this stock analysis?

Let's find out.

Taking BTC as a benchmark for the whole crypto economy, we clearly see that NASDAQ:COIN follows BTC movement almost exactly.
However, standard technical indicators, such as support and resistence, seem to hold up for NASDAQ:COIN stock.
Thus, if we can use TA for BTC or any other crypto, we can definitely use it for NASDAQ:COIN .

SO

Implementing my boxes as per usual.

What do we see?
Box breakout to the upside on increased volume .

What's the plan?
See if the price consolidates in the circled area.
Preferred entry at 295 level defence.

Keep it simple and be patent.

Let me know what you think of NASDAQ:COIN .

Trade wisely and good luck!
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Disclaimer!!!
This is not financial advise.