COIN, MSTR and CRCL Forecast – Crypto Stocks Looking to Bounce on Monday

COIN Technical Analysis

Coinbase looks like it’s going to jump a little bit in pre-market trading, as the massive sell-off on Friday looks as if it’s trying to be pushed back against. After all, Friday was more about the jobs number and basically people just trying to get as much liquidity as possible. And therefore, they sold a lot of their winners, Coinbase being one of them. It doesn’t necessarily mean that Coinbase’s business is suddenly going to implode.

So, I do think this is a lot like the nonsense with Tesla earlier this year. People were freaking out about drama between the president and Elon Musk, but it didn’t really have anything to do with the company itself. That’s kind of what we’ve got here. So, I do think that traders are probably going to come back into Coinbase and start buying.

MSTR Technical Analysis

MicroStrategy looks like it’s going to jump a little bit as well. This is a market, of course, that a lot of people use as a proxy for Bitcoin. Although Bitcoin did take a little bit of a beating over the last several sessions, the reality is that Bitcoin is still bullish longer term. So, we’ll just have to wait and see whether or not MicroStrategy will follow right along.

The $350 level below is support followed by the 200 day EMA at the $330 level. It does look like it’s going to jump right away though. And therefore, we could go looking towards the $400 level, which is basically where the 50 day EMA currently resides.

CRCL Technical Analysis

Circle is trying to rally. We are basically just below the previous floor in the market. So, it does suggest that perhaps we are going to see a little bit of a liquidity sweep here, and people start pushing to the upside. It might be worth noting that the volume has fallen off of a cliff or Circle, but I guess it’s also in comparison to an IPO. So, you really don’t know what the everyday average volume is going to be for this market. So, with that, I’d be a little bit cautious about getting too concerned about volume, thinking if we can turn around and retake the $175 level, that would be a very bullish sign.

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