COIN Is Under Pressure Due Cryptos Fall Since November 2021

Coinbase Global, Inc., branded Coinbase (COIN), is an American company that operates a cryptocurrency exchange platform. Coinbase is a distributed company; all employees operate via remote work and the company lacks a physical headquarters. It is the largest cryptocurrency exchange in the United States by trading volume. The company was founded in 2012 by Brian Armstrong and Fred Ehrsam.

COIN Daily Chart March 2022

COIN Daily Chart March 2022

Coinbase (COIN) made its debut in Wall Street in April 2021 reaching a value of 429.54. It started a correction, immediately, and that is why we are calling wave (I) at that high. The correction has extended lower until now as a flat structure 3-3-5. We could see 3 swings down from the peak and we labeled as ((A)), ((B)) and ((C)). These 3 waves completed wave “a” at 208.00 and bounce in wave “b”. Wave “b” reached until 368.90 making 3 swings up as a zig zag correction 5-3-5. (If you want to learn more about Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory).

Therefore, we have 3 waves down and up, and we need 5 waves down to complete wave (II). The impulse from wave “b” already made 4 waves down and we are developing the last one. Wave ((5)) built wave (1) ended at 156.53. Wave (2) bounce to 181.45 and turned lower again and currently we are developing wave (3) of ((5)). To confirm wave (3) is under way we need to break 155.92 to enter in the final stage to finish wave ((5)) of “c” and also wave (II). We considered to complete this correction to 147.07 – 94.70 area where COIN should continue the rally.