$COIN is Coiling – October 17, 2023
This is Scott with your Chart of the Day. Lately, I have been focusing on Coinbase ( NASDAQ: COIN ) stock. As Coinbase ( NASDAQ: COIN ) is just coiling here right along a bunch of moving averages.
We have the 50-day moving average, the 100 EMA, the 8-day, and the 21-day. It is just kind of chopping sideways but holding up nicely above the 200-day moving average, that’s the blue line here. I think this is definitely a stock to pay attention to.
Whether you like crypto or not, I don’t think that matters. I think you should focus on making money, and if this stock can make you money, then it doesn’t really matter what sector it’s in. So what I want to see here from Coinbase ( NASDAQ: COIN ) is a break above that high right there, (77.46).
Now, the high yesterday, meaning Monday, it almost got back above and held above the 50-day moving average. And even today it got above but couldn’t hold above. And so I want to see a clean break above that 79.40 level, coming on higher than average volume. And then ideally, a close above that 50-day moving average.
That will tell me that this stock is ready to break out of this consolidation pattern, which it’s been in for a couple of weeks here. So Coinbase ( NASDAQ: COIN ), I will set an alert on my software, and I wanted to share my idea with you.
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