NewsletterBullish Pattern Sets Coinbase Stock Price To Surpass $100
On February 15th, the Crypto exchange Coinbase stock price gave a massive breakout from a local resistance of $61.4 mark. This breakout offers buyers a significant footing to resume a bullish rally and recover the losses witnessed during the recent correction. However, this correction phase is part of a famous bullish pattern called cup and handle. Here’s How you may trade this pattern.
Key Points:
- The formation of the cup and handle pattern keeps the Crypto exchange Coinbase stock price on a bullish track.
- The COIN price sustainability above $61.4 could assist buyers in an upswing of 30%
- The bearish breakdown below $61.4 could undermine the bullish theory
Source-Tradingview
The above-mentioned bullish reversal pattern got its name for its simple structure of a cup and handle. In theory, the cup showcased sustained recovery and trend reversal, while the handle portion, which is the counter-trend move, validates the price sustainability at higher levels.
Thus, the crypto exchange Coinbase stock price witnessed a minor correction in early February, which bottomed around $55 and reverted higher. Moreover, this bullish reversal breached a local resistance of $61.4, indicating the market sentiment showcased a sense of buying dips.
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Today, the COIN price trades at the $62.66 mark and is 4.47% down. This bearish candle is possible to retest the breached $61.4 for sufficient support. If the buyers manage to sustain above the mentioned level, the buyers are likely to drive the stock price by 30% to hit the neckline resistance of $81.85.
On a contrary note, if the price breakdown below the $61.4 support, the bullish these will get weakened.
Technical Indicator
RSI: Despite a significant correction, the daily RSI slope continues to wiggle above the midline, indicating that participants remain bullish.
EMAs: the 20-day EMA moving around the $61.4 mark increases the support strength of this level.
Crypto Exchange Coinbase Stock Price Intraday Levels
- Spot rate: $61.89
- Trend: Bearish
- Volatility: Medium
- Resistance levels- $81 and $116
- Support levels- $61.4 and $48.
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