Coinbase stock will follow Bitcoin?

Bitcoin broke the key level which it held for many months.
Yesterday Coinbase´s price bounced from the key support however we expect that Coinbase stock will follow Bitcoin´s path therefore getting rejected from the resistance (red line) wouldn´t be surprising.
According to technical analysis, support which is tested more times is more likely to break down.

If the price retests the support at 45 $ again, we believe that it will break and from there the price will drop to $16 - $ 20 which could be a bottom. It´s also a 1,618 fib extension.

Sentiment in cryptocurrency market is mega bearish therefore it´s likely that coinbase´s price as a crypto firm will continue decreasing.

Stay safe.

تعليق:

The price is testing the key support again. As stated before: expecting the support to break this time and real dumping starts. Short recommended.

تم فتح الصفقة:

The key support failed as expected and now it's acting as a resistance. We should see more dumping soon.
Long-term target is around $20, however around $32 there's a target from the head and shoulders formation on 4 h timeframe:

تم فتح الصفقة:

Good progress on this trade!

تعليق:

The target from the head and shoulders pattern was reached. Most likely now we will see a bounce before moving towards 1,618 fib extension (around 20 $). Take profit, don't be greedy.