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Brian Bollinger The Crypto exchange Coinbase stock price made a huge breakout from $61.4 mark local resistance on February 15, 2018. This breakout gives buyers an opportunity to resume a bullish rally, and recover losses from the recent correction. This correction phase is part a bullish pattern called cup-and-handle. Here’s How you may trade this pattern.advertisementKey Points:The formation of the cup and handle pattern keeps the Crypto exchange Coinbase stock price on a bullish track.
Buyers could benefit from a 30% increase in COIN price sustainability if it is above $61.4
The bearish breakdown below $61.4 could be a setback for the bullish theory
Source-TradingviewThe above-mentioned bullish reversal pattern got its name for its simple structure of a cup and handle. The cup represents sustained recovery and trend reversal. The handle, which is the counter-trend move validates the price sustainability at higher levels. Trending StoriesThe Coinbase stock price saw a minor correction in February. It dropped to $55 at the bottom, but then reverted higher. This bullish reversal also broke a $61.4 local resistance, which indicated that the market sentiment was buying dips. It is possible to retest $61.4, which was broken by the bearish candle. This will provide sufficient support. If the buyers can sustain above the mentioned level, they are likely to drive the stock to $81.85 neckline resistance. AdvertisementEMAs: The 20-day EMA movement around $61.4 increases the level’s support strength. Crypto Exchange Coinbase Stock Prices Intraday LevelsSpot Rate: $61.89
Trend: Bearish
Medium Volatility
Resistance levels: $81 and $116
Support levels: $61.4 and $48
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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.