Negative sentiment in crypto markets trigger negative sentiment for Cryptocurrency stocks.
Coinbase sued by SEC is not a positive news.
Technicals looks bearish now.
Lower highs are showing distribution and MACD looks bearish too as we see an increasing negative momentum and bearish cross on daily timeframe.
We are expecting the price to retest 32 $ where it's fine to speculate on longs as it's a support. Will it hold? Time will tell. If the sentiment in crypto market improves, probably Coinbase will see a decent bounce. We will monitor the price action and the SEC lawsuit to keep this trading idea updates.
Stop loss should be placed below the swing low (30$ -29 $ - depends on your risk tolerance). If support breaks, the price will enter the discovery mode to the downside and most likely we will see much lower prices.
If the price pumps, entering shorts at the downsloping resistance line (orange line) may be a good idea.
Good luck
Coinbase sued by SEC is not a positive news.
Technicals looks bearish now.
Lower highs are showing distribution and MACD looks bearish too as we see an increasing negative momentum and bearish cross on daily timeframe.
We are expecting the price to retest 32 $ where it's fine to speculate on longs as it's a support. Will it hold? Time will tell. If the sentiment in crypto market improves, probably Coinbase will see a decent bounce. We will monitor the price action and the SEC lawsuit to keep this trading idea updates.
Stop loss should be placed below the swing low (30$ -29 $ - depends on your risk tolerance). If support breaks, the price will enter the discovery mode to the downside and most likely we will see much lower prices.
If the price pumps, entering shorts at the downsloping resistance line (orange line) may be a good idea.
Good luck
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