COIN: The most important resistance it MUST break!
Hello traders and investors! Let’s see how COIN is doing today!
First, in the 1h chart, we see a clear bull trend, as COIN is doing higher highs/lows, and it is trading above the 21 ema. In addition, we just hit a support level at the black line ($ 162.55 area), and in this scenario, the gap at $ 220.97 is a technical target.
It is doing another gap today, and we can’t discard the idea of a pullback to the 21 ema, but remember: Pullbacks are natural movements. As long as we don’t see a bearish structure, like a Double Top, a Bearish Pivot Point, an Head and Shoulders, etc., we can’t say COIN will reverse.
However, we must be very careful at the $ 220 area, because it is very close to the most important key point on COIN, as evidenced in the daily chart:
The red line around the $ 213 has been working as a support/resistance multiple times in the past, and it might work as a resistance again. In my view, COIN would need a stronger bullish structure seen in the daily chart in order to break this red line for good.
Unlike the 1h chart, the trend is still bearish in the daily chart, therefore, I’ll stick with my idea that it need to do a better bullish structure in order to reverse. Let’s pay attention to the $ 213 area!
I’ll keep you guys updated on this, so remember to follow me to not miss any of my future analyses!
First, in the 1h chart, we see a clear bull trend, as COIN is doing higher highs/lows, and it is trading above the 21 ema. In addition, we just hit a support level at the black line ($ 162.55 area), and in this scenario, the gap at $ 220.97 is a technical target.
It is doing another gap today, and we can’t discard the idea of a pullback to the 21 ema, but remember: Pullbacks are natural movements. As long as we don’t see a bearish structure, like a Double Top, a Bearish Pivot Point, an Head and Shoulders, etc., we can’t say COIN will reverse.
However, we must be very careful at the $ 220 area, because it is very close to the most important key point on COIN, as evidenced in the daily chart:
The red line around the $ 213 has been working as a support/resistance multiple times in the past, and it might work as a resistance again. In my view, COIN would need a stronger bullish structure seen in the daily chart in order to break this red line for good.
Unlike the 1h chart, the trend is still bearish in the daily chart, therefore, I’ll stick with my idea that it need to do a better bullish structure in order to reverse. Let’s pay attention to the $ 213 area!
I’ll keep you guys updated on this, so remember to follow me to not miss any of my future analyses!
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