$COIN

Observations:

1. Price Movement:
• The stock closed at $304.64, up 3.19% for the day.
• Post-market, the price dipped slightly to $303.23 (-0.46%).
2. Volume: The trading volume of 12.19M is significant and likely signals increased interest.
3. Technical Indicators:
• Moving Averages (MA):
• 20-day MA: $262.656
• 250-day MA: $202.401
• The stock is trading well above both moving averages, which is a bullish sign.
• Bollinger Bands:
• Mid: $262.656
• Upper: $366.723
• Lower: $158.59
• The stock price is near the upper band, suggesting potential overbought conditions.
• SAR (Parabolic Stop and Reverse): The SAR is at $269.27, indicating support and the continuation of an uptrend.
4. Fibonacci Retracement: The chart shows Fibonacci levels:
• The stock seems to be around the 61.08% level or above, indicating strong bullish momentum.
• Resistance near 341.75 (based on the recent high).
5. Relative Strength Index (RSI):
• RSI1: 56.608
• RSI2: 61.595
• RSI3: 61.711
• RSI values around 60 indicate the stock is not yet in overbought territory but is approaching it.

Analysis:

• Bullish Momentum: COIN is currently in an uptrend, trading above critical moving averages with strong volume. It appears the market has positive sentiment for Coinbase.
• Resistance & Support:
• Immediate resistance: $311.37 (day’s high).
• Support: Around $290.80 (day’s low) and $269.27 (SAR value).
• Overbought Potential: With prices near the upper Bollinger Band and RSI nearing 70, a pullback may occur if the momentum slows.

Suggested Strategy:

1. For Existing Holders:
• Consider tightening stop-loss orders to protect profits in case of a pullback.
• Watch for resistance at $311.37 and the next key level at $341.75.
2. For Potential Buyers:
• Look for entry near support levels ($290-$269) if the stock pulls back.
• Avoid chasing at current levels unless it breaks above $311.37 with high volume.

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Xrobertm

25+ years trading and investing. Sharing my stock ideas. Happy trading, everyone.

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