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While bitcoin is now struggling to finally overcome its stronger old 65000$ alltime-high`s resistance zone after the first two BTC future ETF`s (BITO & BTF) debuted in the course of this week and therefore might continue to pullback to its 55000$-54.000$ main support level, also the chart technical situation of the most crypto related stocks has improved greatly over the past days. Whereby from the chart technical progress especially Coinbase stands out!
The on NASDAQ listed Coinbase Global, Inc. (COIN) provides financial infrastructure and technology for the crypto economy. It offers the primary financial account in the crypto economy for retail customers, a marketplace with a liquidity pool for crypto asset transactions for institutions, and technology and services that enable partners in the ecosystem to develop crypto-based applications and securely accept crypto assets as payment. The company was founded in 2012 and is based in Wilmington, Delaware.
Coinbase is probably the most exciting and most monitored new IPO this year. Instead of taking the traditional route via banks, the largest US crypto exchange opted for a direct listing. Thus, there was no direct cooperation with banks that placed the shares, instead, the shares were listed and priced directly on the NASDAQ. Accordingly, there is an above-average number of retail investors holding this stock from the beginning. That is why this stock is a highly emotional affair resp. a very-classic high momentum market ...
And now COIN shares are back smashing things, after a sort of rounded shaped bottoming formation has formed. The Rounded Bottom that COIN shares have formed since May 2021 IPO is best visible on the daily chart:
A confirmed Rounded Bottom, now positively resolved to the upside, forming at or near alltime-lows should mean that price perhaps may need to follow the now upward curved green-dotted support to perform the classic backtest of the IPO resistance upmagnet and/or the alltime-high (ATH) resistance upside magnet. ATH & IPO upside magnets, of course, naturally imply the most attractive future rails on yearly and on life-time base.
Experience has shown that Rounded Bottoms next to Double Low patterns are usually extremely sustainable and solid and can trigger powerful upward movements in terms of time and price, there is now a chance that the 208$ alltime-low printed in May could possibly be the final low of the entire 2020-2029 DECADE!
So much for my major uptarget asessment for the farer and very distant future. Let`s now analyze the current developments.
The late-September lows mean the first decisive higher lows of the Rounded Base as these triggered the running daily and weekly upswing, the all in all 4 bullish breakaway gaps on the daily chart and the Double Top breakout cycle +++ the overcoming of the 2 in the past highly-respected dark-red dotted resistance rails.
Or, in course of the week an existing triple resistance magnet was finally overcome on daily closing base. This is of course very bullish development for the near-term, a little bit concerning is the relative low breakout volume (not shown above) which implies and allows that the price has to come back in the coming days, so that the Big Whales can jump the rally-train below the 300$ weekly support..
I recommend to open a COIN long position at the next lower important weekly support below the round 300$ support magnet.
To identify the possible future supports on the weekly chart - there are likely 2-3 more important ones -, we place a classic 8-Fib number GUNNER24 Up Setup at # 1 // 208$ // alltime-low (ATL):
The hard evidence that the above chosen scaling of the weekly chart will work nicely for several more weeks are the 3 individual higher lows made after alltime-lows. All were printed and released exactly at natural Gann Angle supports. The first 2 higher lows were successful tests of the important 1*2 Gann Angle which by this has morphed to strongest future support. Thus, the 1*2 Gann Angle has become rising support on yearly base = usually very strong future support!
The rally cycle started at the within setup naturally anchorable Support Angleis very young, just 3 weeks old. This week openening auction with an 100% accuracy is at 2*1 Gann Angle support from above....
The past week close was able to overcome this 2*1 Angle on closing base what triggered a STRONG weekly GUNNER24 Buy Signal. Re-conquering the imporant 2*1, 1*2, 1*1 Gann Angle rails is always unsusual positive or negative development!
This week candle shows extremely bullish follow through and price on daily closing base succeeded in ovecoming the nearest main resistance area of the 1st double arc, the price failed to overcome at the last 2 tests.
==> With overcoming the more ore less stubborn weekly 1st double arc resistance field COIN shares fired another buy signal on weekly base and secondly have officially activated uptarget of lower line of 2nd double arc what was worked off rapidly on Wednesday.
==> First uptarget of the long-setup was the lower line of 2nd double arc what runs at 311$. Uptarget is now worked off, price even reached the 317$ surroundings on Wednesday and Thursday and by this pierced the lower line of 2nd uptarget arc as such has happed before at the very first test of the 1st double arc!!!
Because of the now achieved first uptarget processing and the very toppy looking candle, I can very well imagine that price within only next 3 to 6 days must come back rapidly for an often necessary = classic or textbook backtest of the future 1st double arc support, afterwards resuming the rally swing for the second test of the 2nd double arc.
Now, lets examine the existing future supports on the weekly chart.
Strongest, but also lowest weekly main support below the current natural 300$ support number is the magnet formed by lower line of 1st double arc and 2*1 Support Angle. These unite at the 277$ for the next week candle.
A second future weekly support is the upper line of 1st double arc what for the week is at 283.30$. A progressive bitcoin/cryptos/COIN pullback swing could easily test back the on daily closing base overcome upper line of 2nd double arc. The third and maybe nearest weekly support below the 300$ is formed by the the highest possible price of the lower line of 1st double arc, what automatically forms the natural GUNNER24 Support Horizontal at the 286.00$.
I can very well imagine that after 2 strong weekly buy signals in quick succession and after fresh cycle highs on the charts, the price may retrace only minimally in time and price and thus only the nearest horizontal support could be backtested and it will thus come to the „quite normal“ backtest of the 286$-G24 Support Horizontal in the course of the coming days.
Please take a close look above at how almost perfectly the highest prices of the lines of the 3rd and 4th double arcs are in heavy sync to the IPO-resistance and alltime-high (ATH) resistance.
Through this mathematical combination formed from the life-long past and possible future, the 3rd and the 4th double arcs become natural future main uptargets for the now underway rally cycle! This weekly COIN uptrend, now only 3 weeks old, may has to test and reach the 3rd-IPO resistance upmagnet target at a 370$ or so within a possibly 19 to 22-weeks long upcycle and maybe even has to reach the future 4th double arc-ATH resistance upmagnet towards its end.
==> The 3rd double arc uptarget environment might radiate unusual strong attraction and price could hit this future main resistance upmagnet at the 370$ or so, maybe sometime early-2022!
Be prepared!
Eduard Altmann
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