Whether it was capital moved from Bitcoin to COIN during its stock market debut or whether it was a classic to sell the news event, the major cryptocurrency is red on the day.
Bulls were expected to steal the show today, but instead there was a 5% intraday drop from today’s new record high. However, a short-term bullish structure remains intact – meaning the sell-off could be a bullish retest, poised to push prices up to $ 87,000 per BTC.
COIN: Coinbase Global is bringing crypto to the Nasdaq
Coinbase Global (COIN) began trading on the Nasdaq today, marking crypto’s major stock market debut and the first cryptocurrency company to go public.
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Excitement ahead of the listing has boosted the crypto market FOMO, pushing Bitcoin and Ethereum further to hit new all-time highs. Exchange tokens, altcoins and everything else.
COIN fell in the hours after an initial rise to a high of $428 | Source: NASDAQ-COIN on TradingView.com
COIN debuted today with a high of $ 428, but is down a staggering 27% in recent hours 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 could end up being bullish for the best cryptocurrency and was a quick shakeout before moving higher.
Bitcoin daalde 5% ten opzichte van de hoogtepunten van vandaag toen COIN zijn beursdebuut maakte | Bron: BTCUSD op TradingView.com
Bitcoin forms the most bullish pattern ever: the ascending triangle
In technical analysis, depending on the lean of a trend angle, it can determine whether the market structure is bearish or bullish. Price action leaves support and resistance that form geometric shapes and other patterns.
Inverse head and shoulders, falling wedge, cup and handle, and more are all bullish patterns. Triangles come in a variety of shapes, but when they are bullish, the bottom trendline is rising.
Technical analysis education | Everything you need to know about triangles
A rising triangle pattern appeared ahead of the Coinbase Global debut, with a breakout yesterday and a possible retest of resistance that became support today.
Ascending triangles are some of the most powerfully bullish patterns | Source: BTCUSD on TradingView.com
If the classic bullish chart pattern continues, the target based on the measure rule would send the best cryptocurrency to prices of $ 86,000 or more. The highs of the crypto market cycle are expected to hit as high as $ 100,000 or more per BTC, but a rare and accurate Pi-based top signal has emerged recently.
Coinbase has made its debut. It is now time for Bitcoin to prove to Wall Street that the COIN listing was worth all of your attention.
Featured image from Deposit Photos, Charts from TradingView.com