This is a brief continuation of our Coinbase (COIN) price analysis from 4/19/21. In the previous post, we were watching the symmetrical triangle on the 30 minute chart which was predicted to break to the downside with a target of $300 based on fib tools.
The triangle did break yesterday and the price target of $300 was almost hit at the lows of the day on 4/21 and at time of writing the stock is trading at $307.
We can see now that the price action after breaking the symetric triangle is now forming a falling wedge pattern, which presents a great buying opprotunity for those looking to get exposure to Coinbase. Typically its best to accumulate the lower range of the wedge for long term positions or wait for a breakout on a shorter term play.
The wedge is not as obvious on higher time frames but the 2 hour offers some nice resolution. Since we don’t have much price data to work with, these are somewhat choppy patterns.
Price targets currently still stand around $300 down to as low as $250 for those looking to accumulate, this is where we see the 1.272 and 1.382 fib extensions for the higher time frames. Overall, not expecting any major bull moves just yet.