COINBASE: Will it finally cross over this potential Triple Top?

5 Jul 2023

Coinbase reached the top of the annual Channel Down pattern with the 1D technicals turning overbought (RSI = 75.832, MACD = 4.640, ADX = 42.237). For the RSI in particular, the last time it was higher was on February 2nd. This calls for a short term correction to at least the 1D MA200 (TP = 60.00). Even in the event of a crossing over the Channel Down, the price will still have to face the potential Triple Top of Resistance Zone 1. We will go long only after the price breaks above it and target the R2 (TP = 116.00). It has to be said that the RSI breaking above the 5 month LH trendline, is an early indication of the long term trend.

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