Coinbase structure shows losses to come in cryptocurrencies

Coinbase Global, Inc., branded Coinbase (COIN), is an American company that operates a cryptocurrency exchange platform. Coinbase is a distributed company; all employees operate via remote work and the company lacks a physical headquarters. It is the largest cryptocurrency exchange in the United States by trading volume.

COIN Daily Chart March 2023

Last March, we were calling a triple correction structure that was taking place ending wave ((XX)) at 116.21 high. From this level, wave (A) of ((Z)) continued lower breaking through $40.72 low. Confirming the bearish sequence. Wave (A) ended at $31.55 and bounced in 3 waves that we believe to have ended wave (B) at $87.88. As we said, the market had to fail its intentions to resume the bullish movement and continue lower to break $31.55 to end wave (C) and the triple correction. Only a break above $116.21 would suggest the end of the downtrend.

COIN Daily Chart August 2023

A few months later, COIN did not have the strength to break $31.55 low and after a correction rally again. Therefore, the wave (B) had another structure. The wave A of (B) ended at $87.88. Then, we can see 3 swings lower as a flat correction to end wave B of (B) at $46.43. To complete the wave (B) structure, the market bounced to $114.43 before turning lower again. As price action did not broke the invalidation level at $116.30, we are still calling for more downside, as an impulse structure, to end the triple correction in $29.95 – $9.92 area.