COIN could be forming an Inverse Head and Shoulder's pattern if this $ 50 area holds.
Validation above the $ 85-90 area.
Target is the distance from the bottom to the top of the shoulders which also happens to coincide with the 100 EMA.
TCD
Validation above the $ 85-90 area.
Target is the distance from the bottom to the top of the shoulders which also happens to coincide with the 100 EMA.
TCD
Trade active:
Holding.
Comment:
While I do think coin will eventually go higher, I only have a small position left. I have moved most of my position into Bitcoin itself. The logic is that I believe BTC could do a 3x or more from here. While the upside for COIN will most likely be capped at a 2-2.5x. Of course it could certainly go higher, but there is more liquidity that allows me to hedge my Bitcoin position in the event I need to, plus I believe BTC has more upside from here.
Opinions on Chart's, not financial advice.