Coinbase Global

COIN: Wyckoff Reaccumulation or Distribution

94
COIN has consolidated for several weeks and I originally believed that a distribution pattern was forming. However, recent structure has caused me to doubt my initial analysis.

https://www.tradingview.com/x/6y5xhmO3/
With a distribution pattern, an uptrend ends and a channel is formed. The upper zone is between 80 and 85 while the lower is between 50-55. It is then followed by weeks of consolidation so big money can scale out of their positions. The schematic does not always line up perfectly but it provides a nice template. However...

https://www.tradingview.com/x/AAhbuANV/
Several breaks below the trading range beyond phase B is not a distribution characteristic. It is a characteristic of an accumulation. It seems we've experienced two shakeouts and now we have this monster run with very shallow pullbacks. In both scenarios, this run-up should break above the high of the trading range and then consolidate. My question is will the consolidation lead to higher prices or lower prices?

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