Coinbase Bulls Not Done Yet_ $420+ Incoming_ Elliott Wave Technical Analysis of COIN Stock

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Transcript

00:00Hello and welcome to another update video on Coinbase.

00:05So the Coinbase chart is currently in an uptrend.

00:09I'm going to take a look at the uptrend from the April low here in this video.

00:15And you can see that we already have a pretty, pretty full wave count to the upside.

00:20I mean, the price has reached my targets, right?

00:22So if you watched videos from a year ago or so on Coinbase,

00:26then you know that the $420 level was my target.

00:30For the cycle, not necessarily a maximum target,

00:33but a target like a milestone target, similar to Bitcoin's $130,000 level.

00:43So we're not there yet, right?

00:44We're not there at the $130,000 level.

00:47But yeah, I mean, Coinbase did what it needed to do so far.

00:53And I'm glad that this has played out.

00:56So now the question is, can we in any way go higher?

01:03And I see two support zones on this chart that are relevant.

01:08What we're dealing with is this as a larger support box,

01:12which I'm going to adjust now just here slightly.

01:15But we're far away from that.

01:16So this is main support.

01:18In case we get a deeper pullback,

01:19there will be a chance here to find support in this region,

01:23especially here around $286 to $181.

01:28That's just if we get a B wave pullback.

01:31If the move to the upset was just the A wave of a larger ABC structure,

01:34that's possible.

01:35But I wouldn't rely on it because we've already reached targets.

01:38So if we get a clearly corrective pullback

01:41and see any kind of upside impulse from this region,

01:45emerging from this region,

01:46that might be a good signal that the next leg up has started,

01:51a C wave to the upside.

01:53In the very short term, however,

01:55we don't even know if this pullback has even started

01:57because we're still holding on a very high level.

02:00And you see, this move up from the July low

02:03could represent on a local level,

02:06on a very local level,

02:08a fifth wave to the upside.

02:09So we might have topped already

02:10because the fifth wave is like the last one, right?

02:14And then in the fifth wave,

02:15I can already identify five waves, as you can see here.

02:18But I can make a case for one more high.

02:20And that orange scenario here

02:22gives us some Fibonacci levels to watch.

02:24And that's critical.

02:26So we have an area here.

02:27We're currently testing that area.

02:29We have an area here between $381.

02:32and, yeah, $384 and $381 and $403.

02:40This area is currently being tested.

02:43Now, the orange count allows for one more upside extension,

02:46maybe to round about $460 for $70, $480.

02:51And it depends a little bit on where exactly the low forms.

02:55And below $381,

02:58the upside follow-through becomes less likely.

03:02So I don't, at this point, I don't see any reaction, right?

03:06But because it's a diagonal structure,

03:08I would not be surprised if support breaks and we still recover

03:11because in a diagonal structure,

03:13Fibonacci levels are less likely to be respected.

03:16It's just part of it, part of the game.

03:18So the formal invalidation point is the low of the wave 2,

03:22and that's around $348.

03:25That's the formal invalidation point for the orange scenario.

03:29But there's likely going to be some structural support here in this area

03:32of that internal wave 4 low, around $380.

03:36It's a long week, so it's a bit difficult to say where,

03:38but that's also where the golden ratio level is located.

03:41So this is an area where we can watch for a potential reaction.

03:44So yeah, that's the update on Coinbase.

03:47Hope you liked the update.

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04:27Thanks so much.

04:28Bye-bye.

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