COIN - Could See a Blow Off Phase Up To $269 🚀For COIN I think there are 4 key details:
1) Last week's bullish momentum candle (green arrow) is not to be ignored.
As I said in the video (client only); Glenn Neely's charting maxim is one of my favourites; "The fastest wave dictates the dominant trend."
And that is a fast pump.
2) The RSI has so many pitfalls and if a strong pivot did print here then this could be perceived to be bearish divergence.
However a low RSI reading can also show that there is plenty of juice in the tank for the next wave up.
So...
I think it will be the latter and we will see a ripping blow off top.
3) The high and the low of the accumulation are the most likely pivots for an accurate Fibonacci extension to capture the top.
The 1.618 Golden Window begins @ $269.3 and I think that will be the magnetic ratio.
So I'll be looking for a top somewhere between $269.3 and the 1.786 overshoot ratio @ $338.34.
4) Distribution Resistance is not too far above @ $210.77.
This is a very attractive high liquidity area for market movers to burst into, trigger stop losses to then reverse back down.
So this is a magnetic area and that increases the probability of a further move up from here.
...
In the end I think that we will see a correction and COIN will slump below the lower trendline.
But ascending wedges very often break to the upside before collapse and I think most likely that will be the case here.
Remember that COIN is subordinate to Bitcoin and so if Bitcoin did have a flash dump then COIN could reflect that with a dump to form a strong pivot which could print bearish divergence and that would negate point 2.
And if it was a large dump then that could also negate point 1.
So this analysis could change if a Bitcoin dump did come, but at this moment in time COIN looks set to print a blow off top.
If it did move on up as described that would be a 60% pump to the 1.618 and a 98% pump to the 1.786 👍.
Not advice
