Miguel Ferreir (WizDayTrader)
Aug 8, 20233 min
Updated: Aug 9, 2023
Trade Ideas: Bulls are ready to start a RIOT in this stock!
It's time to get long Crypto stocks again, we're here to show what patterns and why we are getting long.
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Let's get down to it. Bitcoin looks like it's about to breakout majorly! Above $28,544 in #bitcoin we can be long all day. A confirmation over the next week or two with a close above $29,417 would confirm a new move in #bitcoin to start a new cycle. There continues to be rumors of Ethereum and Bitcoin Grayscale Bitcoin ETF(s) possibility to get approved abound.
Ethereum USD is likewise at similar juncture currently. It's retesting this downtrend for the 6th time! This is why we use lines to dictate where the trend is going because it gives us a look at the larger picture and how we need to approach the long term trend, if $ETH breaks below $1,800 than we need to get out! if it break back above $1,884 you can be long and in size! (I'm not talkin a couple of hundred dollars, I am taking millions and billions of dollars will start pouring into $ETH if we break over this level.)
So how can we take advantage of this through stocks in the marketplace? We like Coinbase here and in fact we can get long at $83.40.
What is Coinbase exactly?
Coinbase is a well-known cryptocurrency exchange platform that allows individuals and businesses to buy, sell, and store various cryptocurrencies. It was founded in 2012 by Brian Armstrong and Fred Ehrsam and has since become one of the largest and most reputable cryptocurrency exchanges in the world.
Coinbase provides a user-friendly interface for people to trade cryptocurrencies like Bitcoin, Ethereum, Litecoin, and others. It serves as a bridge between traditional financial systems and the world of cryptocurrencies, making it easier for newcomers to enter the crypto market.
Key features of Coinbase include:
Buying and Selling Cryptocurrencies: Users can purchase cryptocurrencies using traditional payment methods like bank transfers, credit/debit cards, and sometimes even PayPal.
Wallet Services: Coinbase provides a secure online wallet to store cryptocurrencies, making it convenient for users to manage their digital assets.
Educational Resources: Coinbase offers educational content to help users learn about cryptocurrencies, blockchain technology, and how to use the platform safely.
Security Measures: The platform emphasizes security and employs measures like two-factor authentication (2FA) to protect users' accounts.
Coinbase Pro: Coinbase also has a more advanced trading platform called Coinbase Pro (formerly GDAX) designed for experienced traders and investors.
Regulatory Compliance: Coinbase adheres to various regulatory requirements in the jurisdictions it operates, promoting a sense of legitimacy in the cryptocurrency space.
It's important to note that the cryptocurrency landscape is continually evolving, and new developments may have occurred since my last knowledge update in September 2021. If you're looking for the most up-to-date information about Coinbase or any related developments, I recommend visiting the official Coinbase website or referring to reputable news sources.
What's our reasoning? I'm glad you asked!
$COIN has hit the 38.2% Fibonacci retracement from it's previous highs to lows and today PayPal announced they were launching a USDT Stable-coin for the US markets just as it happened, amazing! See in markets, they are fractal and behavior and news tend to flow together. This is why we need to be patient and not stress out!
So what's the trade?
We keep it SUPER simple here at Essex Trading, Long $Coinbase above $84.35. The trade will confirm if and we close above $87.3 tomorrow. We'll look to add $COIN August 11 2023 $85 Calls tomorrow, let's see if we retest $3.50 to enter the trade, this gives use the maximum risk/reward when approaching the trade.
Have great trading tomorrow and don't forget to...
Trade Confidently!
Quote of the Day (QotD)
"Trends, like horses, are easier to ride in the direction they are going.”
~ John Naisbitt