COIN 

This is Scott with your Chart of the Day. I want to take a look at Coinbase ( NASDAQ: COIN ). As you can see Coinbase ( NASDAQ: COIN ) has been in a pretty well-defined downtrend since November. It pretty much topped when Bitcoin topped, it’s been under a lot of the major moving averages for most of this ride.

There have been some short-term swing trade opportunities on this but now really anything that I am interested in because I like to pay attention to, typically, flat price action. I love when a stock gives me a nice little base of support above some key moving averages.

That is what we are seeing right here with Coinbase ( NASDAQ: COIN ). You can see how we have some pretty sideways price action, last month or so it hasn’t really done much. We are back above the 21-day exponential period moving average, just under the 50-day, so the 50-day is finally catching up to price and Bitcoin is cooperating.

If I bring in the Bitcoin chart here, you can see I have some pretty clearly laid out support and resistance levels on BTC. What I like about Bitcoin is the fact that the moving averages are really starting to get stacked, they’re really close together. And as a swing trader, I love seeing the moving averages stacked together like this.

This gives me a little insight that we should probably be paying more attention to some of the Crypto stocks like Coinbase ( NASDAQ: COIN ). And so as I said, the stock has really just kind of going sideways here for a month. But if I bring up my little line tool we can draw some lines, bring it into an hourly chart, dial it in a bit, we see some clear tops here, here, and right there.

What we saw today was a move above this hourly downward sloping trendline on pretty good volume. It did come in a little bit into the close but it is still above that trendline. And so you definitely want to keep an eye out for a potential hourly trend change here on Coinbase ( NASDAQ: COIN ). And if that happens then Coinbase ( NASDAQ: COIN ) could potentially get above and stay above that 50-day moving average. That means, anyone who is short this stock, versus the 50-day, could cover, and then that could give us a little squeeze to the upside.

So that is what I am watching for here on Coinbase ( NASDAQ: COIN ) and an ultimate swing target, I would probably look to the underside of this 200-day moving average, that’s around 244.00, 245.00. I think it can get there if it can change the hourly trend, but I don’t think it is going to get there in a straight line. I think it is going to give you many opportunities to look for pullback buy entries close to the moving averages.

So keep an eye on Coinbase ( NASDAQ: COIN ) here over the next couple of days, couple of weeks. Obviously, it depends on what Bitcoin does, but that would be a nice little swing trade, even above the 50-day moving average, which is just under $200.00 to 245.00ish, about 25 percent. Not a bad swing trade return, in my opinion. But it has got to first get above and stay above that 50-day moving average, so keep an eye on Coinbase ( NASDAQ: COIN ).

AMZN 

I want to look at Amazon ( NASDAQ: AMZN ) today, here’s why: I have got a couple of boxes here over Amazon’s ( NASDAQ: AMZN ) recent trading ranges, recent if you want to go back to early 2021. You can see where this stock was trading with 3200.00, we’ll say, wherever it was, as support. Each time it came down, bounce, bounce, bounce, bounce, bounce, bounced, and then didn’t right here, so it’s like the 10th time is the charm or something.

Then the stock fell out of here and into a lower trading range. Bounce and bounce and it came up to test this level and failed, ultimately, and then it failed again. Well, now it doesn’t seem to be failing, though you could say, well, it didn’t fail this time either, until it did. I think that Friday’s big gamma-squeeze move certainly pushed Amazon ( NASDAQ: AMZN ) higher.

This is what I would suggest that you do, I don’t have a position in Amazon ( NASDAQ: AMZN ) now, I may have one in a long-term account but I don’t know about it. But as far as a trade I don’t have a position in my account but this is what I would watch for. I would watch for the stock to stay above this box right here, I would watch to stay above it and actually look for it to move back into the other box.

If this stays up here above this prior support, current resistance level, for another day or two, I think you’ve got a lot more upside into here. Now, on a percentage basis, it’s not a massive move. Again, percentage-wise, but if you are trading call options on this, it’s a career-maker.