Hi guys! This is an Update on recent Technical developments found for Coinbase (COIN).
I've successfully identified the Inverse Head & Shoulders Pattern. Check out that idea down below.
We have completed the Return Rally back to test Support on the Neckline. Now ive been assessing if there are signs that we continue the Inverse Head and Shoulders with our final explosive breakout move.
This analysis is done on the 1 day timeframe.
As you can see we have tested and CONFIRMED Support on the Neckline.
After doing so we have inched higher.
Notice now, we are ABOVE the 21 EMA.
With the last 3 days of candles, forming LOWER WICKS off the 21 EMA.
This is a great sign of SUPPORT.
We must continue to stay ABOVE the 21 EMA.
Being Above the 21 EMA on any timeframe indicates that we will most likely have an UPTREND in price.
Notice also the Orange Rectangle. This highlights a consolidation zone. This shows to me that we are building up momentum for our final rally of the Inverse Head & Shoulders Pattern.
A confirmation ABOVE the Upper Border of Rectangle, will indicate Rally may be starting.
To keep us on our toes, just remember that if price action goes BELOW the Lower Border of the Rectangle, we risk testing the Neckline again. Which is always a possibility. As long as we maintain the Neckline as Support, we good.
Watch VOLUME -> We need it to start picking up for indication of the major move.
This move will essentially lead to trend reversal for COIN, confirming the bottom.
Reiterate Strong Buy. $Coinbase Global, Inc.(COIN)$
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