The crypto market seems to have melted up, if just for now anyway. However, with the push in the overall market the individual crypto stocks should follow Bitcoin’s lead.
This is certainly true for our stock today, whose fate is inexplicably tied to that of the price of Bitcoin. Coinbase (COIN) is the leader among crypto stocks, so it moves much the same as the largest crypto asset in the market. The video illustrates where the levels traders should be watching are, as laid out by the price action of the stock over the past year or so.
If this crypto, and market, rally can continue, then it is a high probability COIN follows suit.
Of course, the market could lose some of this steam, in which case, you’d be looking for the downside trade to the levels the market has also outlined for us. Check out the video if you want to make sure you have the levels on your screen, which may give you all the pieces to the puzzle you need to make the best trade possible.
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