Coinbase, Circle, and MicroStrategy Forecasts – Crypto Equities Test Key Support Floors

Coinbase Technical Analysis

Coinbase looks like it’s going to be slightly positive in premarket trading, although it’s worth noting that we’ve gotten really bad earnings call just a few days ago. And at this point in time, it looks like it’s just trying to defend the $139 region, an area that’s been supported a couple of times in the past. Cryptos in a real world of hurt at the moment, so it’s not a huge surprise to find Coinbase struggling. The gap from the earnings call, we’ll have to wait and see if it gets filled. It does look like it’s trying to find support here, so if we think about a bounce, this is certainly an intriguing area, if nothing else.

Circle Technical Analysis

Circle looks like it is going to be basically flat at the open if not slightly positive. Earnings call on Wednesday, tomorrow, before the market opens, that will cause a lot of noise, one would think. We are at the bottom of a consolidation area, it’s worth noting. The crypto in general is suffering, so what Circle does could be influenced by external factors as well.

Nonetheless, we do have that earnings call coming up, that is something to pay close attention to. The expectations, earnings estimate of 16.3 cents and a revenue of $713 million.

MicroStrategy Technical Analysis

Strategy continues to just bump along the bottom here right around the $94 level. This is a company that’s very interesting to watch right now. At one point, it was just basically a proxy for Bitcoin. Now, I think enough people have learned that there are ETFs and, quite frankly, can just buy Bitcoin. And you can do that instead of loaning money to Michael Saylor to issue more shares to buy more Bitcoin. That game seems to have stopped, and now we’re back to the actual company itself.

This has been a spectacular fall. At one point in the mania reaching $545 or so, we’re now down about 80% from there, so just bumping along here. Short-term active day trading might be what’s going on, but beyond that, it’s interesting. I don’t see a spike in volume, so not much going on here. The earnings call just a couple of sessions ago was a miss, as one would expect, so very tough sailing for Strategy at this point.

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