COINBASE - US - STOCK
Name of asset : COINBASE - US
Asset Category: Stock
About: Coinbase Global, Inc. engages in the provision of a trusted platform that serves as a compliant on-ramp to the onchain economy and enables users to engage in a wide variety of activities with their crypto assets in both proprietary and third-party product experiences enabled by access to decentralized applications. It offers consumers primary financial account for the crypto economy, institutions a full-service prime brokerage platform with access to deep pools of liquidity across the crypto marketplace, and developers a suite of products granting access to build on-chain. The company was founded by Brian Armstrong and Fred Ernest Ehrsam in May 2012 and is headquartered in New York, NY.
Happy Friday, Mamas! ☕️
Let's start with Coinbase ($COIN). As we saw, after a fantastic run, it's in a sharp pullback. On its own, the chart suggests we should wait for it to find a floor, as buying now could be like catching a falling knife. My initial thought was to wait for a clear sign of support around the $283-$293 zone.
However, there's a bigger picture to consider, and that's GOLD. ✨
We're keeping a close eye on Gold to help dictate what the broader market will do. My feeling is that if Gold moves up, everything will follow.
As you can see in the Gold chart below, it's coiling up in a tight pattern and looking ready for a breakout. We are still waiting for a clear break of the trend to the upside.
So, how does this change our plan for $COIN?
If this bullish scenario on Gold plays out, then I'm not expecting that deep pullback on Coinbase. Instead, we could see it start pushing up from where it is now.
With that in mind, here is a potential way to play this: You could play this with a small buy-in now, and keep some capital ready for another one if it does dip lower to around the $280 level. This strategy allows you to get in position for the potential upside while managing risk.
The key takeaway: Gold is our main signal right now. Let's watch for that breakout to give us our direction. I'll keep you updated on both!
Have a great weekend. I'll be here if anything exciting happens. 🥂🌑 Let's see if the Bull Moon will bring some life back into the markets. 🤞🏼