COIN - Can Coinbase follow BTC? $265 on the table
Greetings friends!
Hope you're having a fantastic day. I want to give COIN a little love. We've been talking about important moving averages with BTC which are the 50/100/200 Day Simple Moving Averages (SMA). BTC was able to get above them, but COIN has not (yet?). BTC was also able to take out the prior significant bearish pivot (for COIN, that would be on 8/23).
If we can do all that work, meaning market movers get us above all these moving averages (circled), we can see a move up to $265 which I think would be the next short term target for COIN - likely sometime in October or November. There's a LOT of work that needs to be done, though. There's a lot of risk here on COIN, but a decent reward if BTC can do some moves over the weekend when liquidity is lower.
There's downside risk, but you can easily manage your risk at around $162. If you decide you want to use options, I'd get some time and don't try and get too far OTM. You can find yourself up a creek without a paddle if you're gambling with something that I'm saying will take time to happen. Equity is best and there's other ETF instruments that you can utilize before you go down the options route. Even there, I'd suggest call debit spreads vs naked calls as the premium will probably be pricey.
Not any kind of trading advice, but just things to think about before you decide you want to take a trade on COIN. Also - Remember one more thing - COIN is up 29% from the Sep 6 lows. That's quite a bit - so don't go chasing waterfalls. Always wait for pullbacks if there's significant upside that has already been realized.
Hope you're having a fantastic day. I want to give COIN a little love. We've been talking about important moving averages with BTC which are the 50/100/200 Day Simple Moving Averages (SMA). BTC was able to get above them, but COIN has not (yet?). BTC was also able to take out the prior significant bearish pivot (for COIN, that would be on 8/23).
If we can do all that work, meaning market movers get us above all these moving averages (circled), we can see a move up to $265 which I think would be the next short term target for COIN - likely sometime in October or November. There's a LOT of work that needs to be done, though. There's a lot of risk here on COIN, but a decent reward if BTC can do some moves over the weekend when liquidity is lower.
There's downside risk, but you can easily manage your risk at around $162. If you decide you want to use options, I'd get some time and don't try and get too far OTM. You can find yourself up a creek without a paddle if you're gambling with something that I'm saying will take time to happen. Equity is best and there's other ETF instruments that you can utilize before you go down the options route. Even there, I'd suggest call debit spreads vs naked calls as the premium will probably be pricey.
Not any kind of trading advice, but just things to think about before you decide you want to take a trade on COIN. Also - Remember one more thing - COIN is up 29% from the Sep 6 lows. That's quite a bit - so don't go chasing waterfalls. Always wait for pullbacks if there's significant upside that has already been realized.
CE - BitDoctor
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Beware of scams - I'll never DM you asking for funds.
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