Bearish $COIN? $315 then down? Or straight down?

Feb 13

COIN has earnings tomorrow, and while I don't know how earnings will turn out, I lean towards a bearish outcome based on the chart.

I could see a move up to $295 or $315, but if price can't break above and flip those levels as support, then I think post earnings will lead to continuation to the downside.

We're seeing a red cloud form on the daily, which usually indicates the start of a bearish trend, not the end of one. Therefore, that combined with price breaking out of a bear flag, combined with red heikin ashi candles on all larger timeframes, I think price will end up with a bearish outcome.

If that is the case, then I lean towards us hitting the lower support before we continue the bull trend, because there's a lack of balance on the chart with the uptrend, but it's also possible to find support in the $191-171 range.

Let's see how it plays out.

Feb 13

Note

Alright first resistance hit

Feb 13

Note

Pretty dead on. Let's see if $315 holds as resistance over the coming days, that'll setup a good opportunity to go short.

Feb 14

Note

Welp looks like it just wants to reject and fall instead.

4 days ago

Note

Getting close...