COIN Weekly: Short Opportunity Ahead
Hello Traders,
I’m sharing my latest analysis for COIN on the weekly chart. I've identified three parallel channels that define the price movement over time.
The price initially bounced off the upper boundary of the main (white) channel around $260. Following this, COIN has been moving sideways within a smaller (blue) channel for approximately five months.
The green channel represents the previous uptrend within the main white channel, but as COIN broke out of this channel, it has been consolidating in the blue channel, indicating a period of sideways movement. Currently, the price is at $206, sitting on the middle line of the blue channel.
Given the current setup, I advise a short position on COIN, targeting $120, which aligns with the middle line of the main white channel.
I’m sharing my latest analysis for COIN on the weekly chart. I've identified three parallel channels that define the price movement over time.
The price initially bounced off the upper boundary of the main (white) channel around $260. Following this, COIN has been moving sideways within a smaller (blue) channel for approximately five months.
The green channel represents the previous uptrend within the main white channel, but as COIN broke out of this channel, it has been consolidating in the blue channel, indicating a period of sideways movement. Currently, the price is at $206, sitting on the middle line of the blue channel.
Given the current setup, I advise a short position on COIN, targeting $120, which aligns with the middle line of the main white channel.
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