COIN, CRCL and MSTR Forecast – Crypto Struggles on Wall Street

COIN Technical Analysis

Coinbase looks like it is going to open a little lower during the Monday session, which makes a certain amount of sense as Bitcoin got hammered when traders heard about the airstrikes on Iran. That being said, it is sitting right around the $302 level in pre-market trading, which is just above the crucial $300 level, and we have recently seen a massive spike higher. Any pullback at this point in time will more likely than not be thought of as a potential buying opportunity, but we’ll just have to wait and see. It certainly is not a market that you want to get short of anytime soon.

CRCL Technical Analysis

Circle Internet Group continues to look like it is just going to power much higher as the recent IPO has really taken off from the $70 range to the $254 range in pre-market trading. It is a bit overdone, so if you’re looking to get involved, you probably need to see a pretty significant pullback. I think a pullback to the $200 level is very possible. Although we’ll just have to wait and see how this plays out because these IPOs can run for a while before value comes back.

MSTR Technical Analysis

MicroStrategy looks like it is going to pull back a bit based on pre-market trading, but there is still a significant amount of interest near the $350 level. So, I think the pullback is probably somewhat limited. Certainly, being influenced by the negativity in the Bitcoin market, but I think given enough time Bitcoin looks like it wants to recover and as goes Bitcoin goes MicroStrategy. After all, I’m not even sure it’s a company anymore. I think it’s just a proxy for Bitcoin. Could be wrong though.

The market is sitting right here at the 50-day EMA and a bounce could send MicroStrategy closer to the $430 level. And a breakdown below $350 could open up a significant correction, possibly down to the 200-day EMA, which sits right around the $302 region. Either way, I do think that you’re more or less in a buy-on-the-dip type of market.

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