COINBASE Bears in Control: More Downside Likely!

Oct 24

COINBASE Short Trade Technical Analysis:

Coinbase Global on the 15-minute timeframe shows a strong short trade setup, with TP1 already hit. The stock is trading below the Risological dotted trendline, reinforcing the bearish sentiment.

Key Levels:

• Entry: 207.12
  
• Stop Loss (SL): 213.68
  
• Target 1 (TP1): 199.00 (Done)
  
• Target 2 (TP2): 185.87
  
• Target 3 (TP3): 172.74
  
• Target 4 (TP4): 164.62
  

Observations:

1. The price remains under significant selling pressure, evident by its inability to recover above the Risological dotted trendline.
   
2. With increasing volume on the down moves and resistance holding strong, the continuation of the downtrend appears highly likely.
   
3. The structure suggests more downside as sellers maintain control, and buyers struggle to regain any meaningful momentum.
   

Coinbase Global continues to look bearish after TP1, and the price action is aligned for further declines. Keep an eye on the lower targets as they are within reach, supported by the clear downward trend and weak buying attempts!