- COIN shares fell again on Thursday as Bitcoin retreats from highs.
- Coinbase up in Friday premarket despite BTC suffering Turkey backlash.
- The crypto exchange is showing some interesting technical levels to trade around.
COIN took some time to open, but when it did it certainly kicked the market out of its volatility slumber. COIN rallied straight at the open up to $428 before retreating back to $338.
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Coinbase became one of the largest direct listings and proved the validation of Bitcoin trading to many investors. Other more traditional investors questioned the valuation of COIN as it neared $100 billion. This would make it worth more than other financial market exchanges such as NYSE, Nasdaq and Euronext combined.
Ignoring the fundamentals though and focusing on technical levels and momentum is what shorter-term, day traders need to do.
COIN stock forecast
Short term, the Moving Average Convergence Divergence (MACD) indicator offered a crossover buy signal late on Thursday. Friday needs to see a continuation of this with a recapture of moving averages. The first level to target is the 23.6% Fibonacci retracement of the move from the opening day high to low. This level is $337.99. From there, the top of the recent range at $325.21 is next in line to be targeted.
A break of $320.58 takes COIN out of the recent range and is short-term bearish. Look for confirmation from the MACD.
The Relative Stength Index (RSI) is pretty neutral but obviously needs to be watched.
The Directional Moving Average (DMI) is signalling bearish trends as the negative line is clearly well above the green positive line. The black ADX line is showing a trend is in place, and it is negative. Crossovers of the green and red lines give strong trading signals to keep an eye on. Some may not be familiar with the DMI, but it was developed by J. Welles Wilder, who developed the more common RSI.
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