Is Coinbase's recent rally in for a tumble? $COIN
Image byThis comes amid the cryptocurrency exchange's stock trading at a higher level since before the SEC's lawsuit against rival exchange Binance. In a tweet, Brandt simply stated,"Head and shoulders in $COIN," pointing to a bearish technical pattern that some traders use to predict a major market reversal., used by chartists to predict price reversals, consists of three peaks with the middle one being the highest and the two on the sides being nearly equivalent in height.
In the case of Coinbase, the formation of this pattern suggests that the company's recent stock rally, fueled in part by BlackRock's Bitcoin ETF filing, could be short-lived. Coinbase stock has surged more than 30% since June 15, when BlackRock filed for a spot Bitcoin exchange-traded fund with Coinbase acting as the custodian. However, with the emergence of the head and shoulders pattern, traders and investors may want to brace for a potential price drop.
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