$COIN is currently trading at 182.77, up only 0.74% in 24h, with a high of 182.9 and a low of 180.35. It has moved less than 3 dollars all day, with a trading volume of 3.8M. This kind of action looks ugly, like it’s being pinned and worn down around 182.
I’m still leaning bullish, but I wouldn’t chase here. Around 181 has been a level repeatedly tested today and can be seen as short-term support. If it breaks below the intraday low of 180.35, I’ll admit I’m wrong and get out; putting the stop there isn’t embarrassing. On the upside, I’m watching the 183.5 to 184 area, where previous rallies have stalled. It only gets interesting if it can break above that with volume; otherwise, just treat it as a range.
$COIN is Coinbase itself, so I don’t need to say much about its correlation with the broader crypto market. If the rest of the market is dead in the water, it can’t really bounce on its own either. With 3.8M in volume on the table, big money still hasn’t come in, so don’t expect a one-way move.
My personal bias: try a small position around 181, exit if it breaks down, and add only after a break above 184... In a grindy move like this, patience matters more than position size.
#Coinbase
I’m still leaning bullish, but I wouldn’t chase here. Around 181 has been a level repeatedly tested today and can be seen as short-term support. If it breaks below the intraday low of 180.35, I’ll admit I’m wrong and get out; putting the stop there isn’t embarrassing. On the upside, I’m watching the 183.5 to 184 area, where previous rallies have stalled. It only gets interesting if it can break above that with volume; otherwise, just treat it as a range.
$COIN is Coinbase itself, so I don’t need to say much about its correlation with the broader crypto market. If the rest of the market is dead in the water, it can’t really bounce on its own either. With 3.8M in volume on the table, big money still hasn’t come in, so don’t expect a one-way move.
My personal bias: try a small position around 181, exit if it breaks down, and add only after a break above 184... In a grindy move like this, patience matters more than position size.
#Coinbase