COIN And Cryptos Should Continue Lower as Market Pressure
COIN And Cryptos Should Continue Lower as Market PressureOctober 16, 2022ByEWFLuis
CoinbaseGlobal, Inc., branded Coinbase (COIN), is an American company that operates a cryptocurrency exchange platform. Coinbase is a distributed company; all employees operate via remote work and the company lacks a physical headquarters. It is the largest cryptocurrency exchange in the United States by trading volume. The company was founded in 2012 by Brian Armstrong and Fred Ehrsam.
COIN Daily Chart May 2022
COIN Daily Chart May 2022
In May, we seek to complete a double correction ((W)), ((X)) and ((Y)) from the 369.22 high of wave x, and thus end the entire corrective cycle as wave (II) that began in the peak of 2021. Wave ((Y)) ended at 40.72; however, the rebound has not had the necessary momentum to estimate that the new rally has started. Rather COIN has developed a corrective structure that indicates that it will continue bearish.
COIN Daily Chart Oct 2022
As we can see on the chart, COIN bounce shows only 3 bullish waves forming a flat correction. Wave (A) ended at 83.73. Wave (B) finished at 45.74; and from here, we see an expanding ending diagonal to complete wave (C) at 116.70. This structure tells us that it is better to forecast at least 3 more waves to the downside to complete the entire cycle of wave (II) than to look for more upward movement.
Therefore, the structure that started from wave x in red, we change it to a triple correction instead of a double correction. That is why we have labeled the high of 116.70 as wave ((XX)) and we need to break the low of 40.72 to complete wave ((Z)) and wave ((II)) and wait for the rally. (If you want to learn more about double correction or Elliott Wave Theory, follow these links:Elliott Wave Education andElliott Wave Theory).
At the moment, we are placing wave (A) as a leading diagonal. Even if we break much lower to complete wave (A), any rally should fail as wave (B). Then, we should look to break 40.72 to finish the whole cycle that started in 2021. This could reach the 23.00 – 30.00 area before continuing the rally.
Source:https://elliottwave-forecast.com/stock-market/coin-continue-lower-cryptos-follow/
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I hope so