Coinbase Update: Don't forget about the big picture

Sometimes we spend so much time criticizing the micro moves of tickers, we forget about the larger picture. We agonize over movements that are largely irrelevant like this most recent movement Coinbase has been making for the possible end of wave iii or beginning of iv. Regardless of which one it is, I expect price to tag $220-$240 before this larger wave ((3)) is done. That being said, not being a day trader myself, I'm not really too concerned with the fluctuations of $10.

Lots of companies, as well as other analysts, we're predicting Coinbase to tank with JPMorgan claiming it would and still will drop to $80. They were saying this when it was valued @ $115 while I was predicting it to go on another bull run. Needless to say, we jumped about 40% from that local bottom and I, along with some of you, were able to capture 30%+ of those profits. Not too shabby for 1 week or so if you ask me.

When market opens Tuesday morning, there is a high chance I may buy back in for another 20-30 shares with the goal of holding until it's in the low $200 area. That's another 12%-33% in profits if I can get in around $180 and ride to the top. I would set a stop of $173. Is 20-30 shares a lot? No, but I see no reason to swing for the fences every trade regardless of my confidence. With that amount of shares, at a 20% profit, is over $1000 in profits. Again, not too shabby if you ask me. As always, I will post if I buy any shares.

Don't forget, beginning February 23rd (this Friday), I will be dramatically changing my posting schedule here on trading view. My last regular post / update will be on that day.

Comment:

Due to the fact we overlapped what I have labeled wave i this morning in pre market, it causes me to question the micro count. For now I'm staying out. That could have been the larger wave 4 but I'm unsure as of now. A rule I try to follow is "when unsure, get flat". Until I get clarity I'll be on the sidelines