Will Coinbase Benefit From Early Signs of Bitcoin Bull Market Cycle?
As I have shared on how I assess whether Bitcoin will be in a bull market cycle. You may view the earlier article here to know more about what is MVRV ratio which I use to check and $Marathon Digital Holdings Inc(MARA)$ was the stock that I have used to counter check and confirm.
Why MARA - BTC MVRV ratio Show Early Sign Of Bull Market Cycle
But not single alone but with moving averages.
In this article, I shall examine $Coinbase Global, Inc.(COIN)$ technical analysis using SMA, ADX, RSI and SAR to see if COIN does show us signs of a developing bullish trend.
This is important as Bitcoin movement have similar impact on MARA as to COIN.
COIN on Simple Moving Averages (SMA)
COIN is beginning its bull trend which seem to coincide with he Bitcoin early sign of bull market cycle. I think COIN would have some nice price movement next week (10 July).
What I would be monitoring would be the volume trading on COIN platform and also the Bitcoin price should stay around 30k for at least more than 24 hours.
COIN on Average Directional Index (ADX)
ADX show that COIN is in a developing trend(which should relate to a bullish cycle coming) and +DI above -DI indicate that this is an uptrend.
I would expect COIN to expect a nice bullish uptrend next week (10 July).
COIN on Relative Strength Index (RSI)
RSI has shown COIN to be in overbought zone, which mean investors would be planning to sell, but I would see it that COIN could be coming back to a good momentum from overbought.
When that happen, it would mean a good momentum and this should be good news for the price.
COIN on Parabolic SAR (SAR)
COIN has shown a very Strong Bullish upward trend from SAR, this could mean that sentiment for COIN is pretty high.
But we need to take note of what RSI tell us, as it could be an overbought situation.
It would be better to monitor how Bitcoin and COIN will be moving on Monday (10 July).
Summary
As we have assess COIN using Technical Analysis, it seem like COIN does show signs of a bull market cycle, which is in tandem with Bitcoin movement.
Bitcoin might face some correction as we know that Binance is facing some issues, but the new inflows of funds into Binance could mean that Bitcoin is still very much a favorite.
It is always important to check on the price movement closely for Bitcoin. I shall share more if there is any new signals.
Appreciate if you could share your thoughts in the comment section whether you find COIN is going into a bull market cycle similar to Bitcoin?
@TigerStars @Daily_Discussion @TigerWire appreciate if you could feature this article so that fellow tiger would benefit from my investing and trading thoughts.
Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Is it just me or does it seem like Coinbase is illegally holding peoples ADA that according to them should've been unstaked? Sounds like something that happens right before they go belly up? Title says it all.
''It's time the world should appreciate the development of crypto currency, cause the way it makes good returns within a short period of time to, makes it so much lucrative and profitable 🤭....
Where are all coin bears now??? They were wrong on coin as they are wrong about many thing in life. Probably leftist thinkers.
SEC says Coinbase may have knowingly violated securities laws
Look at the 1 year chart it will drop soon then buy
Great ariticle, would you like to share it?
Great ariticle, would you like to share it?
Great ariticle, would you like to share it?