Coinbase Climbs as Bitcoin Hits New High
With Bitcoin breaking to all-time highs this week, the spotlight is shining the world’s largest cryptocurrency platform: Coinbase.
Bitcoin's surge propels Coinbase despite platform hiccups
In the midst of Bitcoin's impressive third bull run, cryptocurrency trading platform Coinbase is experiencing both highs and challenges.
Bitcoin's ascent to over $1 trillion in market cap has boosted Coinbase's standing, with the platform witnessing increased user activity – propelling the shares higher.
However, the surge in demand has also led to disruptions, including displays showing zero balances for some users. Coinbase's ability to navigate and swiftly address these challenges will be crucial in maintaining its position as a leading player in the dynamic cryptocurrency market.
Coinbase: key levels to keep an eye on
Daily candle chart analysis
Coinbase’s recent rally has seen the shares surge past the December highs – forming a series of steepening trendlines in the process.
The shares have just completed an ABCD harmonic move – where the magnitude of the recent rally is equidistant to the Nov-Dec rally.
Key levels to watch on the daily candle chart include the two ascending trendlines and the broken resistance / turned new support area created by the broken December highs.
COIN daily candle chart
(Past performance is not a reliable indicator of future results)
Weekly candle chart analysis
Elevating our perspective to a weekly timeframe unveils a broader picture of Coinbase's performance.
The recent rally has successfully breached a significant resistance level created by a cluster of swing lows in May 2021, providing ample headroom until the November 2021 swing highs.
COIN weekly candle chart
(Past performance is not a reliable indicator of future results)
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