Coinbase Global (COIN) is an online platform for buying, selling, transferring, and storing cryptocurrency. There still seems to be supporters of the company and crypto in general but let’s see if COIN’s indicators and charts are in agreement right now.
In this weekly Japan candlestick chart of COIN, below, I can see the entire history of trading in the stock. Prices are in a downward trend and trade below the bearish 40-week moving average line.
The weekly OBV line is bearish and the 12-week momentum study is not showing us a slowing in the decline.
In this daily Point and Figure chart of COIN, below, a price target in the $17 area is being projected.
In this second Point and Figure chart of COIN, below, I used weekly price data. Here the software has generated a price target of $12.
Bottom l-ne strategy: There still seems to be bullish “cheerleaders” on CNBC in support of COIN but the charts are not in agreement. Continue to avoid the long side of COIN. My targets are $17 and then $12.
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Source: https://realmoney.thestreet.com/investing/stocks/coinbase-may-drop-further-between-the-couch-cushions-16111856?puc=yahoo&cm_ven=YAHOO&yptr=yahoo