$Coinbase Global, Inc.(COIN)$ Looks like a Pullback is imminent heading into the Bitcoin conference and then it will rip into Trumps talk At the Conference on 27 July! They bring down the numbers and then pump it when Trump starts trumpeting 🤣
https://www.coindesk.com/policy/2024/07/10/tumps-odds-of-nashville-conference-appearance-rise-after-speakers-told-of-very-special-guest/
Wyckoff Chart Analysis for COIN: Bear Breakout
Key Observations:
1. Price Levels and Trading Ranges:
• The chart displays significant resistance levels at $268.82, $261.51, and $256.97.
• Key support levels to watch are $250.19, $246.78, and $239.8.
2. Bear Breakout Indications:
• The recent “Sell” signals near the higher price ranges indicate potential distribution.
• The movement towards lower support levels, combined with increasing volume, suggests a bearish trend.
Implications of a Bear Breakout
• Heading Towards the Bitcoin Conference: If COIN is trending downward as it approaches a major event like the Bitcoin conference, it could be influenced by market sentiment or external factors leading up to the event.
• Investor Caution: Traders might be selling off in anticipation of potential negative news or a “sell the news” event.
Conclusion for COIN
The Wyckoff chart indicates a potential bear breakout for COIN:
• Watch for Further Declines: Key support levels like $250.19 and $246.78 will be crucial to monitor. Breaking below these levels could confirm the bearish trend.
• Market Sentiment: Pay attention to news and market sentiment around the Bitcoin conference, as it could influence COIN’s price movement.
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Coinbase Global, Inc. (COIN) Stock Analysis
1. Business Overview and Industry Growth:Coinbase Global, Inc. is a leading cryptocurrency exchange platform that allows users to buy, sell, and store various cryptocurrencies. The company operates in the rapidly growing cryptocurrency industry, which is expected to continue expanding in the future. As cryptocurrencies gain more mainstream acceptance and adoption, Coinbase is well-positioned to benefit from the increasing demand for cryptocurrency trading and related services.
2. Earnings Analysis:
Latest Earnings: In the first quarter of 2024 (2024Q1), Coinbase reported an EPS (Earnings Per Share) of $4.84. The company achieved a gross profit margin of 86.31% and a net profit margin of 74.09%. The return on equity (ROE) was 65.52%, indicating strong profitability.
Earnings Forecast: According to the earnings forecast, analysts expect Coinbase's EPS to be $7.03 for the full year 2024 (2024FY). For 2025FY and 2026FY, the forecasted EPS is $4.63 and $4.06, respectively. The forecasted gross income and EBIT (Earnings Before Interest and Taxes) are also provided for these periods.
3. Trend Analysis:
Support and Resistance Levels: The chart analysis indicates significant resistance levels at $268.82, $261.51, and $256.97. Key support levels to watch are $250.19, $246.78, and $239.8.
Stock Price: As of the latest available date (2024-07-23), the stock price of COIN is $265.33.
4. Valuation Analysis:
Analyst Target Price: Based on the forecasts of 23 analysts, the mean target price for COIN is $263.42, with a low estimate of $145.0 and a high estimate of $450.0.
Analyst Recommendation: Out of the 23 analysts, 5 recommend, 7 buy, 14 hold, and 2 underperform COIN.
5. Capital Flow Analysis:
Recent Capital Flow: Over the past 5 days, the capital flow data shows mixed inflow and outflow. On specific days, there were inflows and outflows of varying magnitudes.
Conclusion:Based on the analysis, here are the key takeaways for COIN:
The earnings analysis indicates strong profitability and provides earnings forecasts for the coming years.
The trend analysis highlights support and resistance levels to monitor.
The valuation analysis provides the target price estimates from analysts and their recommendations.
The capital flow analysis shows recent inflows and outflows.
Please note that the above analysis is for informational purposes only and should not be considered as investment advice. Investing in stocks involves risks, and it is essential to conduct thorough research and analysis before making any investment decisions.