COIN, MSTR and CRCL Forecast – Crypto Stocks Rise in Premarket

COIN Technical Analysis

The market for Coinbase looks like it is going to open positive during the trading session here on Wednesday, as we are looking for a gap above the 50-day EMA. That is a very positive sign, and the question now will be whether or not we can find our way above the $340 level to fill the gap from several weeks ago after earnings. Short-term pullbacks look likely to attract a certain amount of people, so with this, I think you’ve got to look at this as a market that will eventually prove itself to be positive if Bitcoin rallies.

MSTR Technical Analysis

MicroStrategy is also very sensitive to Bitcoin trading, and it’s looking like it’s going to gap a bit to the upside at the open. The question here, of course, is going to be whether or not we find ourselves being able to break above the 200-day EMA, which is just above where we are going to gap. If we can, that could trigger longs from those who are a little bit more longer-term perspective. And it is potentially worth noting that from the double bottom that was the actual bottom of the market if you draw a Fibonacci retracement level, we are sitting right around the 61.8 % Fibonacci retracement.

CRCL Technical Analysis

Circle looks like it’s going to gap a little bit higher during the trading session as well, perhaps breaking above the $120 level after a massive sell-off over the last couple of months. This makes sense because quite frankly, IPO stocks tend to be a bit of a nightmare for a while. And now I think we’re trying to determine where the bottom is going to be. Ultimately, this is a market that’s going to move with crypto overall.

So, we’ll have to wait and see, but so far it does look like we’re at least trying to put a bottom in. This is one of those markets that if you are going to get involved, you had better pack a lunch because you’re going to have to be here for a while to realize significant gains. Nonetheless, it could end up being an investment.

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