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Brian Bollinger The formation of the cup-and-handle pattern was evident in the price action over the last three months on the crypto exchange Coinbase stock prices. The stock’s recent correction phase was also part of this bullish pattern. This is meant to ensure that the stock’s price sustainability at higher levels. This pattern could have an impact on the stock’s future price. AdvertisementKey Points: The formation of the cup-handle pattern is a sign that there has been a sustained recovery and trend reversal.
Bullish breakouts from the $61.4 barrier will increase market buying pressure.
Buyers are further repelled by the 200-day EMA fluctuating around the $80 mark
Source-TradingviewAmid the recent sell-off in the stock market, the crypto exchange coinbase stock price turned down from the monthly resistance of $82.45 and plunged 34.2% down to reach $53.6. This dramatic downfall led to a bearish breakdown of the $61.4 local support on February 10th. However, several asset prices rose due to the positive shift in traders’ sentiment. The crypto exchange coinbase saw a midway reversal at the $55 mark, and jumped above $61.4. Trending StoriesToday’s COIN share price trades at 65.5% with an intraday gain 10.2%. The previous breakdown would be considered beartrap if the daily candle closes higher than $61.4. The previous breakdown would be deemed beartrap if the daily candle closes above $61.4.
Trend: Bullish
Volatility Medium
Resistance levels: $82.4 and $116
Support levels: $61.4 and $48.5
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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.