Here’s a turnaround story on Coinbase ($COIN) – October 23, 2023
This is Dan Fitzpatrick with FITZ IN FIVE. We are going to look at Coinbase ( NASDAQ: COIN ) today.
As you know, or should know, crypto is starting to take off, it has actually been taking off for a while. If you look at the move in Bitcoin for the last year it has been remarkable. It is just now starting to get attention because we are moving above 30 thousand, which is a key benchmark level. It used to be 20 thousand, now it’s 30.
I want to look at Coinbase ( NASDAQ: COIN ) here. As you know there’s a lot of ETFs in the works and that is going to bring a lot of money back into Bitcoin. And my suspicion is, we are going to get a lot higher prices.
Coinbase ( NASDAQ: COIN ) has been trading sideways and kind of pinching, a little bit, below the 50-day moving average. Now, if you really want to get really, really goofy with respect to math, we could say the 50-day moving average is still trending lower, Friday’s was 77.01, and today’s is 76.98.
But here’s the deal, it will be back up above 77.00. Why is that important? It is important because a lot of traders will only look at a stock if it is above the 200 and the 50, but both of them are also trending higher. So this is probably going to come up on a lot of scans and screens over the next couple of days.
Here’s my suggestion, you go ahead and consider the stock, we’ll say at $80.00 or something like that. And then I would set my stop, on this particular stock, at just below the opening. I don’t even think you need to go back to the low. If the stock trades down below today’s opening price, that’s about 5.5 percent, then that is when I would go ahead and sell the stock, go ahead and take the loss.
This doesn’t report earnings for another week or so, I guess maybe a little bit more than that, on November 2nd. And the way things are going, this looks like it’s going to pop up into earnings. That is your trade idea on Coinbase ( NASDAQ: COIN ).
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