Coinbase (NASDAQ: COIN) Bullish Sequence Support More Upside

Coinbase Global (NASDAQ: COIN) is one of the top performing stock in the recent 2 years, up +550% since January 2023 low. In our previous article, we explained the structure of the new weekly bullish cycle taking place from the lows. In this article, we dive into the daily cycle as market structure is providing more insights about the current rally.

This month, COIN made a new high above December 2023 peak which makes the current cycle showing an incomplete daily bullish sequence looking at least for 2 more swings to finish a regular impulsive 5 waves advance within wave I. The stock is proposed to be trading within a wave (5) of ((3)) then a correction in wave ((4)) will take place before another move higher in wave ((5)) should be seen.

The internal of wave (5) is also showing an incomplete bullish sequence from 2.7.2024 low after the recent rally into new highs. COIN is proposed to be trading within wave 3 of (5) and will be looking for a target higher at equal area $239 - $288 before ending wave 3 and wave 5.

COIN Daily Chart ( Regular Impulse ) 2.28.2024

The more aggressive approach would be a nesting structure within the daily cycle. In this case, COIN is proposed to trade higher in wave (3) of ((3)) which represent the strongest wave within its current impulsive cycle. Therefore the rally would have stronger momentum taking place and ideally it would extend above $288 before ending the wave ((3)).

COIN Daily Chart ( Nest ) 2.28.2024

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As discussed above , COIN bullish structure and sequence is still suggesting more upside to take place. Both scenarios are showing an incomplete bullish sequence and consequently the is expected to remain supported during short term pullbacks where investors will keep looking for buying opportunities.

Source: https://elliottwave-forecast.c...