COIN (NASDAQ:COIN) Buyers Awaits Bullish Trade

$COIN (NASDAQ: COIN) Forecast: September 10

 

Today, the Coinbase Global (NASDAQ: COIN) price action is gathering bounces, awaiting a bullish trade to begin its upward race. The recent market structure points to a rise with the potential to break critical resistance levels in the near future. Therefore, if buy investors can prove more resilient and sustain the price above the $405.88 resistance level, its upside could extend further to reach the $415.96 upper resistance level, revitalizing the bullish correction.

Key Levels:
Resistance Levels: $298.00, $299.00, $300.00
Support Levels:     $147.00, $146.00, $145.00

COIN Long-term Trend: Bearish (Daily Chart)

The NASDAQ: COIN buyers await a bullish trade as the stock market begins to gather momentum to revitalize the bullish correction pattern in its long-term view. The stock price is down, below the EMA-50, suggesting a bearish trend.
Sellers’ intervention is slowing bull momentum, keeping downward pressure intact.

However, bulls are attempting to prepare for an uptrend, even as the predominant trend stays bearish.

The share price has been below the supply trend levels in its current value due to persistent negative pressure that reached a $292.56 support level in the previous session.

Shortly after the daily chart opens, the $COIN price pulls back to a high level of $306.60 below the moving average, affirming the comeback of the long traders into the market.

Hence, a significant push by the long traders over the previous high point of $405.88 with a daily candle closing could signify a change in the market dynamics.

A breakthrough of this kind would give buyers an opportunity to regain control and potentially drive the stock price closer to the upper channel.

Furthermore, the NASDAQ stock price may likely continue in the same bullish trend as the market is pointing up on the daily stochastic. So, the price could be ready very soon for bullish pattern continuation.

In this case, a significant level above the $415.96 supply trend line might be the target soon in its higher time frame.

COIN Medium-term Trend: Bearish (4H Chart)

The $COIN market waits for a positive opportunity in the medium-term outlook while trading in a bearish market trend. A negative trend is indicated by the coin price being below the resistance level.
The price share has just fallen below the supply trend lines due to pressure at the $292.57 support level during the previous session.

As the 4-hourly session begins today, the price of NASDAQ: COIN awaits a positive opportunity as the share price rises to a high level of $306.59 below the EMA-50, indicating that the bulls have returned to the market.

However, a high rejection at the current support reflects that long traders started booking their profits. Therefore, a candlestick closing above the $405.32 mark is important to confirm a bullish breakout.

The price is rising, nevertheless, at about the 58% range of the daily stochastic, suggesting that the selling pressure has subsided and the NASDAQ stock price is now waiting for a bullish opportunity as the selling pressure has ended.

Thus, while stock buyers wait for a bullish opportunity in its medium-term time frame, the post-rally breakout may reach the $415.96 supply level in the next days.

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