COIN Technical Analysis
Coinbase has the look of a market that is trying to rally in pre-market trading as we will be opening about $6 higher than we closed from the previous session. Coinbase has been ripping to the upside for a while now, so this probably isn’t a huge surprise at this point in time. Coinbase is reacting to the overall excitement in cryptocurrencies, not only in Bitcoin, but other ones like Ethereum. This remains a buy on the pullback type of market.
MSTR Technical Analysis
MicroStrategy, of course, is moving right along with Bitcoin as it typically does. And as Bitcoin continues to threaten a breakout above the $120,000 level, it’s a good sign for MicroStrategy itself. After all, MicroStrategy has basically become a way for Wall Street to play the Bitcoin markets without actually going into Bitcoin. The 50 day EMA is down at the $394 level and rising. So, I do think this is a situation where traders will continue to look at this as a buy on the dip type of market.
CRCL Technical Analysis
Finally, Circle looks like it is struggling a little bit, but really at this point in time, we are still trying to work off a lot of the froth from the IPO, and the IPO of course was something that had a lot of people excited and therefore it’s not a huge surprise to see the IPO really kind of knock the wind out of the sails for some traders but given enough time I do believe we have a scenario where traders are going to continue to look at dips as potential buying opportunities. It looks like they may get one here on Tuesday, $175 looks to be a massive support level from everything I see.
For a look at all of today’s economic events, check out our economic calendar.
