Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. Only a break above $116.21 would suggest the end of the downtrend.įURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY The worst case scenario is that COIN goes as low as $3.00. This drop should be in a impulse structure, as shown on the chart, and it should reach the $17.00 – $10.00 area where we could look for buying opportunities. It now needs to continue lower to break $31.55 to end wave (C) and the triple correction. As we said, this wave had to fail in its intentions to resume the upward movement, and thus, it was strongly rejected by the market. Wave (A) ended at $31.55 and bounced in 3 waves to complete wave (B) at $87.88. COIN daily chart March 2023Ĭurrently, wave (A) continued lower than expected, breaking through $40.72 low. (If you want to learn more about double correction or Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory). This could reach the 23.00 – 30.00 area before continuing the rally. Then, it should look to break 40.72 to finish the whole cycle that started in 2021. Even if it would break much lower to complete wave (A), any rally would fail as wave (B). At that time, we labeled wave (A) as a leading diagonal. That was why we have labeled the high of 116.70 as wave ((XX)) and we needed to break the low of 40.72 to complete wave ((Z)) and wave (II) to look for the rally. In October last year, the structure of COIN that started from wave x in red, we changed it to a triple correction instead of a double correction. It is the largest cryptocurrency exchange in the United States by trading volume. The company was founded in 2012 by Brian Armstrong and Fred Ehrsam.
Coinbase is a distributed company all employees operate via remote work and the company lacks a physical headquarters. Coinbase Global, Inc., branded Coinbase (COIN), is an American company that operates a cryptocurrency exchange platform.
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