Coinbase CEO Selling STOCK!
Coinbase CEO Brian Armstrong sells more than $1.6 million in shares. In this Article I go over the technical analysis for Coinbase stock and what levels the bulls need to hold.
COIN 0.00%↑ Weekly Timeframe Chart via TradingView.com (Each Candle a Week)
Coinbase Dropping Since IPO
Coinbase IPO’d at $430 and is now sitting at $43. Taking a look at a bigger picture, each candle being a week it has been falling dramatically. It has periods where it trades sideways for a while before it breaks down to the downside. Coinbase has hit all time low today and the question remains how low can it go? There are many reasons why Coinbase is dropping. Whether it is economic concerns or the recent FTX bankruptcy which is having a domino effect on the overall crypto market, lets get a closer look into what the chart is telling us!
COIN 0.00%↑ Daily Timeframe via TradingView.com (Each Candle Stick = 1 Day)
Coinbase Daily Timeframe & Critical Levels
I have 2 levels drawn on the chart above. Support which is at $45 (Green Line). Resistance which is at $80 (Red Line). Support is where buyers are buying and resistance is where sellers are selling. $45 is a MAJOR level for the buyers. If you are a bull you need it to hold the $45 level. $45 is life support for Coinbase. Breaking that would cause panic, hit stop loss for many holders and psychologically taking a look at the chart it won’t look good. Especially if it closes below on the weekly timeframe (first image). As of today it is below $45 but the main indicator I am looking at is the weekly timeframe because that is a bigger picture and it is capturing the overall trend. A close below $45 on the weekly timeframe would be bearish as we have broken the trend causing another leg down.
In Conclusion…
A lot of crypto FUD with FTX domino effect and FUD over the whole crypto space and USDT Depeg fear.
Coinbase needs to hold $45 for it to be bullish
Weekly timeframe > daily timeframe, even though it is below $45 the weekly timeframe is a better indicator. As long as if it closes above $45 on Friday it remains bullish.
A close below $45 on the weekly timeframe will be another leg down for Coinbase PT $30.