Coinbase GlobalPanjang
COINBASE Can it recover from yet another earnings miss?
Coinbase / COIN reported today earnings that missed their estimates (EPS at 0.28 against 0.45 and Revenue at 1.2B against 1.25B) and dropped more than -5% in after hours trading.
This is the second seccessive earnings miss for the company.
Despite yet another misfire, we believe the exchange can recovery from it, purely from a technical standpoint.
Since the January 2023 bottom, it has maintained a Channel Up. During that pattern, every 1week MACD Bullish Cross formation was a strong buy opportunity, signaling the start of a bullish leg.
By the end of this week, the 1week MACD should complete a Bullish Cross.
As the price held the Rising Support and is climbing, we see no reason that can alter the new bullish leg.
The shortest bullish leg on this Channel Up was +146.79% and another such 'bad case scenario' will almost test Resistance A.
Our target is just under it at 360.00.
Follow us, like the idea and leave a comment below!!
This is the second seccessive earnings miss for the company.
Despite yet another misfire, we believe the exchange can recovery from it, purely from a technical standpoint.
Since the January 2023 bottom, it has maintained a Channel Up. During that pattern, every 1week MACD Bullish Cross formation was a strong buy opportunity, signaling the start of a bullish leg.
By the end of this week, the 1week MACD should complete a Bullish Cross.
As the price held the Rising Support and is climbing, we see no reason that can alter the new bullish leg.
The shortest bullish leg on this Channel Up was +146.79% and another such 'bad case scenario' will almost test Resistance A.
Our target is just under it at 360.00.
Follow us, like the idea and leave a comment below!!
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