Coinbase Flies Alongside Bitcoin And Ethereum In A Bullish Crypto Market

Coinbase Global Inc COIN shares are trading higher Tuesday in sympathy with Bitcoin BTC/USD and Ethereum ETH/USD as cryptocurrency markets push higher.

Coinbase’s stock looks to be trading within a pattern and could be ready to break out in the coming weeks.

Coinbase is trading higher up 8.87% at $286.51 Tuesday afternoon at publication.

Coinbase Daily Chart Analysis

• The stock trades in what technical traders call an ascending triangle pattern and has pushed closer to resistance in the past couple of days.
• The $300 price level is an area where the stock has struggled to cross above in the past and may continue to in the future. The higher low trendline is holding as an area of support, showing that overall the stock has been in an upward trend.
• The stock trades below the 50-day moving average (green), indicating the has seen recent bearish sentiment.
• The 50-day moving average may hold as a possible area of resistance in the future.
• The Relative Strength Index (RSI) is seeing a bounce higher after falling for the past few weeks and now sits at 43. This shows that overall there are still more sellers in the market, although more buyers are entering into the market.

What’s Next For Coinbase?

Bullish traders are looking to see the stock continue to trade within the pattern and go on to break above the $300 resistance. After a break above resistance, bulls are looking for a period of consolidation to show the stock is able to hold its gains, meaning it may be ready to push even higher in the future.

Bearish traders are looking to see the stock fall below the higher low trendline and for the stock to begin to hold this trendline as an area of resistance. This may show the stock is ready for a strong bearish move.

Photo: Courtesy Coinbase