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John J. Hardy
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Technical Update - Rally in Bitcoin has spillover effect on Coinbase
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: Crypto currency exchange platform Coinbase has rebounded strongly after massive drop in January. Coinbase share price is highly correlated to the Bitcoin price which is eyeing previous all-time high around 69K
That could push Coinbase to 220 level, possibly higher
Other stocks likely benefitting from the strong bullish trends in Crypto:
Riot Platforms, Marathon Digital, Cleanspark and of course all the newly listed Crypto currency ETF’s. Funds pouring in to these new Crypto ETF's is most likely the driving force behind the steep rising Bitcoin prices
Coinbase COIN has bounced strong the past week after a massive January sell-off. But the corrective move was reversed when COIN closed above 136.89. Bullish scenario further confirmed by a close above the Cloud (Shaded area), above the resistance at around 161.28 and RSI closing back above 60 threshold
Medium-term weekly chart COIN has retraced 0.786 of the January sell-off. There is no RSI divergence supporting the bullish picture that could take COIN to the 1.382 projection and resistance level at around 217.50
Rising traded volume the past couple of weeks is adding the bullish picture
To reverse the trend short-term a close below 136.89 is needed to reverse it medium-term a close below 114.50
Coinbase share price is highly correlated with the price development in Bitcoin BTCUSD
Bitcoin BTCUSD Weekly chart
Testing minor resistance at around 52,130. Potential to previous all time high around 69K2.618 projection of the latest correction is at 66.350.
To reverse the bullish trend a close below 38,500 is needed
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