Coinbase keeps moving to the downside as discussed in our past update, and what we are now seeing is a very strong decline that still looks like wave C with an extension down into that earnings-gap area from May this year. This gap zone could be very important for potential stabilization in the next few weeks, especially if we consider it's finishing a five-wave impulse into wave C. We can already see some stabilization, but for any kind of bullish resumption, you still want to wait on an impulsive recovery back above 295 first bullish evidence level. Bullish confirmation is above 360 area.
You can access daily analysis like these at wavetraders.com
Highlights:
Trend: Neutral (finishing wave C)
Support: 230-208
Resistance: 295-360 (need to break for bullish confirmation)
Note: Earnings-gap zone is the key area for potential stabilization in the next weeks
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