Coin overheated, correction due
$Coinbase Global, Inc.(COIN)$ has been on an absolute tear lately.
I got into the stock around 40$ spot earlier this year and held the entire time.
I am expecting a decent pullback here at this important fib level.
205$ would mark a full retracement from the march 2022 swing high.
I expect a pullback at least to 140-160$ region since the stock is up 444% this year.
I wont be shorting this likely pullback, but defensive puts might help a long investor make some passive income, or provide protection. Selling calls could be a good strategy too here.
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