Posted 31 minutes ago
On February 15th, the share price of Crypto Exchange Coinbase made a huge jump from the local resistance of $61.4. This breakout provides buyers with an important base to continue an upward rally and recoup losses incurred during the recent correction. However, this correction phase is part of a famous bullish pattern called cup and handle. Here’s how to swap this pattern.
Basic points:
- The formation of the cup and handle pattern keeps the Crypto Exchange Coinbase share price on an upward trajectory.
- COIN price sustainability above $61.4 could help buyers to a 30% rally
- A drop below $61.4 could undermine the bullish theory
Source-Tradingview
The aforementioned bullish reversal pattern is named for its simple cup and handle structure. Theoretically, the cup showed a solid recovery and trend reversal, while the handle part, which is the countertrend movement, validates the sustainability of the price at higher levels.
Thus, the share price of the crypto exchange Coinbase saw a small correction in early February, which fell to around $55 and rebounded higher. Moreover, this bullish reversal broke the local resistance of $61.4, indicating that the market sentiment showed an overbought sentiment.
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Today, COIN price is trading at $62.66 and is 4.47% down. This bearish candle is possible to retest the breached $61.4 for sufficient support. If the buyers manage to hold above the mentioned level, the buyers are likely to push the share price up 30% to hit the neck resistance of $81.85.
Conversely, if the price breakdown breaks below the $61.4 support, the upside will weaken.
Technical Indicator
RSI: Despite the significant correction, the daily RSI slope continues to move above the average line, indicating that participants remain bullish.
EMAs: the 20-day EMA hovering around the $61.4 level increases the support power of this level.
Crypto Exchange Stock Coinbase Prices Intraday Levels
- Spot rate: $61.89
- Trend: Downward
- Volatility: Moderate
- Resistance levels – $81 and $116
- Support levels – $61.4 and $48.
The content presented may include the personal opinion of the author and is subject to terms of purchase. Do your market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.