Coinbase Global, Inc., branded Coinbase (COIN), is an American company that operates a cryptocurrency exchange platform. Coinbase is a distributed company; all employees operate via remote work and the company lacks a physical headquarters. It is the largest cryptocurrency exchange in the United States by trading volume.
COIN Daily Chart March 2023
Last March, we were calling a triple correction structure that was taking place ending wave ((XX)) at 116.21 high. From this level, wave (A) of ((Z)) continued lower breaking through $40.72 low. Confirming the bearish sequence. Wave (A) ended at $31.55 and bounced in 3 waves that we believe to have ended wave (B) at $87.88. As we said, the market had to fail its intentions to resume the bullish movement and continue lower to break $31.55 to end wave (C) and the triple correction. Only a break above $116.21 would suggest the end of the downtrend.
COIN Daily Chart August 2023
A few months later, COIN did not have the strength to break $31.55 low and after a correction rally again. Therefore, the wave (B) had another structure. The wave A of (B) ended at $87.88. Then, we can see 3 swings lower as a flat correction to end wave B of (B) at $46.43. To complete the wave (B) structure, the market bounced to $114.43 before turning lower again. As price action did not broke the invalidation level at $116.30, we are still calling for more downside, as an impulse structure, to end the triple correction in $29.95 - $9.92 area.
إخلاء المسؤولية: الآراء الواردة هنا تعبر فقط عن رأي الكاتب، ولا تمثل الموقف الرسمي لـ Followme. لا تتحمل Followme مسؤولية دقة أو اكتمال أو موثوقية المعلومات المُقدمة، ولا تتحمل مسؤولية أي إجراءات تُتخذ بناءً على المحتوى، ما لم يُنص على ذلك صراحةً كتابيًا.
