COIN, XYZ and MSTR Forecasts – BTC Stocks in Focus on Thursday

COIN (Coinbase) Technical Analysis

Coinbase is somewhat lackluster in pre-market trading, but that’s not a huge surprise considering that there is an earnings call after the bell. We are sitting right at the 50-day EMA. Pre-market trading looks like it’s going to soften a little bit, but we’ve been in this massive consolidation phase, so unless something horrific comes out of that call, it’s likely that there will be a bit of a base underneath, perhaps all the way to $160.

Earnings are expected to be 0.064 cents per share with revenue just under 1.5 billion. Regulatory pressure has eased, but remains a little bit of a background problem for Coinbase, especially with its international perpetual exchange, so watch for any mention of that.

XYZ (Block) Technical Analysis

Block, or formerly Square, looks like it’s going to be slightly positive. The market has been forming a little bit of a bullish flag with earnings per share expectations of 68 cents and a revenue of $6.11 billion. We’ll have to see whether or not it can continue to see buyers on dips or if we do in fact rally into that call. The $73 level could be the initial target on any type of positive momentum.

MSTR (Strategy) Technical Analysis

Finally, Strategy, which has been in the headlines recently, has a big problem as it reported massive earnings miss in the previous session. What’s interesting is that the Michael Saylor story of always buying and holding Bitcoin might be falling apart; in fact, he mentioned something about potentially selling. So, with that, it’ll be interesting to see how Strategy behaves.

It is worth noting that we’re at the top of a massive rounding bottom, so I think once we clear the 200-day EMA, that would be a huge victory for this stock. But you need Bitcoin to really take off in order to do that. Bitcoin has performed fairly well, but we’re a long way away from Strategy actually making the move. I think pullbacks are more likely than not with the 50-day EMA being your floor.

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