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bloody bitcoin
Nexo Logo

Coinbase COIN Debuts To A Bloody Bitcoin, But Bullish Structure Remains

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin
Reading Time: 3 mins read
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Whether it was capital being moved from Bitcoin into COIN during its stock market debut or if it was a classic sell the news event, the top cryptocurrency is red on the day.

Bulls were expected to steal the show today but instead, there’s been a 5% intraday drop from today’s new all-time high. A short-term bullish structure, however, remains intact – meaning the selloff could be a bullish retest ready to rocket prices toward $87,000 per BTC.

COIN: Coinbase Global Brings Crypto To The Nasdaq

Coinbase Global (COIN) began trading on the Nasdaq today, marking crypto’s big stock market debut and the first cryptocurrency company to go public.

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Excitement leading up to the listing has spurred crypto market FOMO and pushed Bitcoin and Ethereum further to set new all-time highs. Exchange tokens, altcoins, and everything else has been pumping too.

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COIN fell in the hours after an initial rise to a high of $428  | Source: NASDAQ-COIN on TradingView.com

COIN made its debut today reaching a high of $428, but in the last several hours has fallen by as much as 27% to a low of $310 on the day.

Bitcoin also fell and is also down 5% on the day. However, the fall to retest support ultimately could be bullish for the top cryptocurrency and was a quick shakeout before moving higher.

bitcoin coinbase debutBitcoin dropped 5% from today's highs as COIN made its stock market debut | Source: BTCUSD on TradingView.com

Bitcoin Forms Most Bullish Pattern Ever: The Ascending Triangle

In technical analysis, depending on the lean of a trend angle it can determine if the market structure is bearish or bullish. Price action leaves behind support and resistance that form geometrical shapes and other patterns.

Inverse head and shoulders, falling wedge, cup and handle, and more are all bullish patterns. Triangles come in various forms, but when they’re bullish the lower trend line is ascending.

Technical Analysis Education | Everything You Need To Know About Triangles

An ascending triangle pattern appeared ahead of the Coinbase Global debut, with a breakout yesterday and potential retest of resistance turned support today.

bitcoin coinbase debut triangle

Ascending triangles are some of the most powerfully bullish patterns | Source: BTCUSD on TradingView.com

If the classically bullish chart pattern holds, the target based on the measure rule would send the top cryptocurrency to prices of $86,000 or more. Crypto market cycle highs have been expected to reach as much as $100,000 or more per BTC, however, a rare and accurate top signal based on Pi has recently appeared.

Coinbase has made its debut. It is now time for Bitcoin to prove to Wall Street the COIN listing was worth all the attention.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcoincoinbasecoinbase globalcryptoNASDAQxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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