COIN short to $150?!
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While we wait to see this larger triangle (in white) play out, I see an interesting potential short on Coinbase. It looks to me that despite an arguable crypto bull market, Coinbase might need to retrace and set some new bullish technical structure -- perhaps an inverse head and shoulders, or bull flag -- before moving up later this year.
Momentum indicators also suggest a bearish turn is on the horizon. I've marked my TP zone in cyan and plan to take some off the table almost immediately if we get an impulsive move down.
https://www.tradingview.com/x/gkL1vUUv/
Important caveat: I recognize that we've been trading in a parallel channel (yellow) for about 150 days, which might imply a bounce. In the medium term, I also think
COIN is likely to break this white triangle bullishly, rallying with a broader move up in the crypto markets.
Momentum indicators also suggest a bearish turn is on the horizon. I've marked my TP zone in cyan and plan to take some off the table almost immediately if we get an impulsive move down.
https://www.tradingview.com/x/gkL1vUUv/
Important caveat: I recognize that we've been trading in a parallel channel (yellow) for about 150 days, which might imply a bounce. In the medium term, I also think
COIN is likely to break this white triangle bullishly, rallying with a broader move up in the crypto markets.Dagangan ditutup: sasaran tercapai
Well that was quick! Sometimes you just have to take "yes" for an answer.
-dawson
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