What a beautiful Friday morning!
It's been a while since I covered coinbase here, and back then the situation looked a lot worse than it does now.
I read other articles about coinbase on here, and it seems that investors either "love" this stock or "hate" it. I supsect that many traders got burned trying to catch the bottom in this stock, and average retail investors probably invested in this company where it traded above 300$.
The funny (and sad!) thing here is, this company went public near the absolute top of the last bull run and got valued at NEARLY 98 BILLION DOLLARS. I still remember these times, and it was as clear as day to me back then, that this company was massively overvalued to the point where it didn't even cross my mind investing in this stock
I recorded a detailed video with our counts a while ago, feel free to check it out.
Regarding the count, I currently estimate that we formed a first bullish wave (1) – wave (2) since the all-time-low at 31.57$. The count on lower time frames is sometimes very difficult to count, and I am not going to publish these as long as we don’t have a confirmed wave (3) in place.
To finish things up, the price reached our blue retracement zone and since the last minor low at 50.81$ the stock could manage to jump by more than 30%. Please keep in mind that coinbase is an extremely volatile stock and adjust your position size accordingly.
Enjoy your weekend, we are going to update Bitcoin & Ethereum this Sunday.
We went LONG in this stock last month at exactly the 14th of February.
I have talked about this on our YouTube channel, and my apologies that we didn't announce any positions here. This won't happen again.
We will expand our holdings with a second position as soon as we break above the high of wave (b), this will be announced on here so stay tuned!
Long #1 Coinbase (COIN)
AVERAGE EXECUTION PRICE: 58.76$
LONGERM Target: +200$ and more