COIN stock movement. Does it follow BTC?

٢١ أكتوبر ٢٠٢١

Hi everyone,

This time we are taking a look at recently IPOed COIN stock.

It may seem obvious that COIN price is following crypto market movement.
If that's so, do technical indicators matter for this stock analysis?

Let's find out.

Taking BTC as a benchmark for the whole crypto economy, we clearly see that COIN follows BTC movement almost exactly.
However, standard technical indicators, such as support and resistence, seem to hold up for COIN stock.
Thus, if we can use TA for BTC or any other crypto, we can definitely use it for COIN.

SO

Implementing my boxes as per usual.

What do we see?
Box breakout to the upside on increased volume.

What's the plan?
See if the price consolidates in the circled area.
Preferred entry at 295 level defence.

Keep it simple and be patent.

Let me know what you think of COIN.

Trade wisely and good luck!
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Disclaimer!!!
This is not financial advise.