Here’s your trade on Coinbase ($COIN) – May 29, 2024
Dan Fitzpatrick here at StockMaeketMentor.com. I want to take a quick look at Coinbase ( NASDAQ: COIN ).
After falling and holding below the 50-day moving average for a while, it’s been a little over a month since the stock is above the 50. It is now back above it for three consecutive days, that’s a good thing. It doesn’t mean that I think the stock is just going to blast off. But what it is telling me is, that this is looking more and more like it’s a shake-out.
Maybe the stock is just undergoing a little distribution before starting to run higher again. You will see that in stocks, in markets like this. Let’s put it this way, crypto is sleepy now, IBIT ( NASDAQ: IBIT ) has been drifty for quite a while. You can see here on Ethereum, I got rid of mine today because I got tired of holding. I’d been holding it for a long, long time.
Don’t think less of me, but I will tell you the truth I actually forgot about it. I made good money on it but I am still a little embarrassed that I was holding something and wasn’t even thinking about it. Ethereum ( OTCMKTS: ETHE ) is rocking as well, it’s really rocking, but not as well. Bitcoin really isn’t, I think that its days are coming pretty soon, but we’ve got a little bit of a mixed market here in crypto.
And again, that just gets me back to Coinbase ( NASDAQ: COIN ). I think that this is a stock that you can buy right here. It’s not the perfect setup, and it wouldn’t be for a quick trade, buy it on Wednesday, sell it on Friday, or sell it on next Tuesday or something.
But if you are looking to build a position in this stock you can see how it’s essentially formed an inverse head and shoulder pattern, and it’s running higher. I suspect that it’s probably, within another couple of months, it should be close to, we’ll just say, 350.00, I’ll give you that number. I think that’s probably the next leg up for this is right around 350.00.
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