We have opened a new primary scenario for Coinbase. Initially, we anticipated that Coinbase had not yet completed its long-term correction. However, with its bottom at $139.11, we now believe that Coinbase may have established a long-term cyclical low.
With its current bullish momentum and short-term recovery, this expectation is increasingly supported by the short-term structure. We believe that Coinbase has formed its first impulsive fractal, with white wave 1 ending at $208.34. In the short term, we have established a Fibonacci buying zone where we expect the correction within white wave 2 to end.
Long Entry Levels
- 61.8%: $165.55
- 78.6%: $153.90
- 88.7%: $146.90
This zone represents an opportunity to establish long positions as close as possible to the potential long-term cyclical bottom.
However, we have kept our alternative scenario on the chart. This scenario has been moved to the alternative count and represents the long-term buying zone we outlined in our previous updates. If Coinbase breaks below $139.11, this alternative scenario will become active.
Long-Term Long Entry Levels — Alternative Scenario
- 78.6%: $120.53
- 88.7%: $78.80
If anything happens with this stock, we will update you immediately.
Kind regards,
Monalytics
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