📉 Coinbase Grows 798% | Weekly Structure Break-Down

2 เม.ย.

Right now saying COIN or BTC is the same, if you want to know where the market is headed. Where Bitcoin goes, Coinbase follows.

Bitcoin is headed lower.

We are going to be looking at Coinbase (COIN) on the weekly timeframe.

First, we have the classic rounded top pattern, kind of like an inverted cup; we know this pattern to be a top signal.

➖ The week 11-March COIN produced a bearish close.
➖ The two weeks that followed, COIN wicked higher but closed below the 11-March session open, so remaining within this rounded top range.
➖ This week starts full red and works as bearish confirmation of the previous bearish candlestick based signals.

➖ This action is happening around the same level that rejected a recovery back in December 2021; this is strong resistance.

➖ The wave coming from early Jan through March has perfect proportions; This chart structure, price action, marketwide action and signals are pointing toward a correction.

👉 150 Should be an easy target for this correction, don't expect any less.

👉 It can go below 140 but we have to wait and see... The correction can go for many months... Say it only takes two months to hit bottom but it takes 6 months to move back up to current levels. The whole period would be 8 months and for someone bag holding, that would put you only at breakeven.

There can be one more leg up, one final jump, more growth and it keeps on going... But this is highly unlikely. There is always the possibility of the market going for more but this is a low probability scenario when we consider the action happening with the other charts.

Namaste.

12 เม.ย.

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It's been 10 days since publishing this trade idea and I can say that the bearish bias remains intact and is even becoming stronger.

It seems we will get a negative close this week.
A negative close this week on low volume further supports the bearish thesis.

16 เม.ย.

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The bearish bias is now fully confirmed with today's 9% drop.
There will be more (lower).

17 เม.ย.

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📉 Coinbase | GAP Filled, Lower Low & Daily Trading

The first signal to take into consideration is the volume, notice the daily volume, this is what I call a "volume breakout."

COIN Daily Chart


See how the daily average volume moves up breaking the descending pattern. At the same time, a GAP is filled and a bounce is likely to happen.

The action moved daily below EMA50.
Many more GAPS to be filled (lower support targets—yellow on the chart).

Whenever there is strong action, there is always a bounce or retrace before the resumption of the initial move.

COIN Weekly Chart


See how COIN is moving below EMA10 for the first time since 2021 coming out of a multi-year high. This is strongly negative.

The top rounded pattern is quite common and also quite revealing.

GAPs work great as targets, either up or down.
Here we can see some "additional GAPs" going as low as ~80.


Namaste.

20 เม.ย.

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➖ COIN weekly close below EMA10 is now confirmed.
➖ COIN bearish potential is now confirmed.
➖ Coinbase going down is now confirmed.

👉 The chart is saying down.

Based on the massive bearish bias coming out of hundreds of charts, we can predict a major negative event developing next week that can work as the catalyst for a major drop.

A major event?
You know the charts... They'll tell you the direction but not the cause.

It is going down but why?
Because the chart says so.

The market moves in cycles; it goes down and up, down and up...
It went up and... Down we go!

👉 After the bearish wave is over we will move back up.

Prepare for worsening conditions related to everything that can have an adverse effect on the price of this stock.

Namaste.

30 เม.ย.

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We have a falling window today, as COIN confirms EMA50 lost as support.
The next drop can be strong, really strong...

11 พ.ค.

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Needless to say, we continue aiming lower.
Junk-base looks pretty bad on the weekly; we have a full blown, as-bearish-as-it-can-get, candle close last week.

Looks like next week is the major crash.

Prepare!

Namaste.

12 มิ.ย.

บันทึกช่วยจำ

Current market conditions for this stock continue to be extremely bearish.

15 ต.ค.

การซื้อขายยังคงดำเนินอยู่

From 2-April 2024
"👉 150 Should be an easy target for this correction, don't expect any less."
COIN hit 146 on the 3-September week.

"👉 It can go below 140 but we have to wait and see... The correction can go for many months... Say it only takes two months to hit bottom but it takes 6 months to move back up to current levels. The whole period would be 8 months and for someone bag holding, that would put you only at breakeven."

This part is still mixed...


The chart can be read as bullish right now on the weekly timeframe but there is some resistance to be faced. I will comeback to it later when things are more clear.

There was a bearish bias on the chart and a bearish move developed. We are still within bearish territory but seeing recovery. How this week develops can change the map.

If we consider Bitcoin and the broader market, the bearish move is not yet over.

Namaste.