Will Coinbase Benefit From Early Signs of Bitcoin Bull Market Cycle?
As I have shared on how I assess whether Bitcoin will be in a bull market cycle. You may view the earlier article here to know more about what is MVRV ratio which I use to check and $Marathon Digital(MARA.US$ was the stock that I have used to counter check and confirm.
But not single alone but with moving averages.
In this article, I shall examine $Coinbase(COIN.US$ technical analysis using SMA, ADX, RSI and SAR to see if COIN does show us signs of a developing bullish trend.
This is important as Bitcoin movement have similar impact on MARA as to COIN.
COIN on Simple Moving Averages (SMA)
COIN is beginning its bull trend which seem to coincide with he Bitcoin early sign of bull market cycle. I think COIN would have some nice price movement next week (10 July).
What I would be monitoring would be the volume trading on COIN platform and also the Bitcoin price should stay around 30k for at least more than 24 hours.
COIN on Average Directional Index (ADX)
ADX show that COIN is in a developing trend(which should relate to a bullish cycle coming) and +DI above -DI indicate that this is an uptrend.
I would expect COIN to expect a nice bullish uptrend next week (10 July).
COIN on Relative Strength Index (RSI)
RSI has shown COIN to be in overbought zone, which mean investors would be planning to sell, but I would see it that COIN could be coming back to a good momentum from overbought.
When that happen, it would mean a good momentum and this should be good news for the price.
COIN on Parabolic SAR (SAR)
COIN has shown a very Strong Bullish upward trend from SAR, this could mean that sentiment for COIN is pretty high.
But we need to take note of what RSI tell us, as it could be an overbought situation.
It would be better to monitor how Bitcoin and COIN will be moving on Monday (10 July).
Summary
As we have assess COIN using Technical Analysis, it seem like COIN does show signs of a bull market cycle, which is in tandem with Bitcoin movement.
Bitcoin might face some correction as we know that Binance is facing some issues, but the new inflows of funds into Binance could mean that Bitcoin is still very much a favorite.
It is always important to check on the price movement closely for Bitcoin. I shall share more if there is any new signals.
Appreciate if you could share your thoughts in the comment section whether you find COIN is going into a bull market cycle similar to Bitcoin?
Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.)
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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Use A.I. to pick stocks.
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