Coinbase Looks Ready For A Strong Uptrend
Cryptocurrency exchange Coinbase looks like it is ready to begin a strong uptrend. I first blogged about COIN in August and currently own it. There are few things that continue to intrigue me about Coinbase. First, after the initial hype of its' IPO, it began building an IPO base and was largely forgotten by many traders. In addition, the weekly chart shows clear support off the $200 range, indicating funds were looking to accumulate it at this price when it was well off its' IPO highs. Since then, it has seen some positive action on the right side of its' base.
From a macro prospective, the overall market is starting to show strength, and I think the strength in crypto is likely to produce strong earnings and sales growth for Coinbase. As Bitcoin and Ethereum continue to head higher, more and more people are likely to become interested in owning these and other cryptocurrencies. Since Coinbase is the most well-known and easiest to use, I believe much of this traffic is likely to funnel to Coinbase. I've become increasingly bullish on crypto this past summer, particularly Ethereum and Bitcoin which I added to this week as they broke out. All of this seems to bode well for Coinbase. Just as Charles Schwab was a leader in internet trading in the 1990s, COIN may play a similar role in the coming years. This is truly an exciting and wonderful time to be alive. With proper risk management and a sound system for entries and exits, I think COIN offers massive potential in the coming months. Time will tell.
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Full Disclosure: I currently own Coinbase, Ethereum, and Bitcoin.
Full Disclosure: This post contains affiliate links to Coinbase and Gemini.
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