COINBASE GLOBAL - Technical Analysis

Key Observations:
Elliott Wave Structure: COIN has been trading within a clear Elliott Wave pattern across the timeline shown. The chart displays a complete 5-wave impulse followed by a corrective phase. Currently, we are observing the development of another impulse wave which could be signaling the start of a new bullish cycle.

Fibonacci Levels: The stock finds significant support and resistance at key Fibonacci levels. Notably, after touching the 0.618 Fibonacci retracement level at approximately $239.3, COIN shows signs of a bullish reversal, initiating the potential formation of a 3rd wave which often is the strongest and longest.

Channel Trading: COIN has respected a rising channel, bouncing off the lower bounds and facing resistance at the upper. The interaction with these channel lines provides crucial entry and exit points.

Technical Indicators:
Volume: Trading volume appears to corroborate the wave counts, with spikes in buying volume at the start of impulse waves and increased selling pressure during corrective phases.

RSI: The Relative Strength Index shows fluctuating momentum, with recent readings heading towards overbought territory, which aligns with our observation of the beginning of a potentially strong upward wave.

Future Projections:
If the bullish momentum continues, and COIN respects the Elliott wave pattern, the next significant resistance is expected at the 1.618 level around $575.70. However, a break below the current support at the 0.618 level could invalidate this bullish outlook and may lead to a retest of lower support levels.
Trading Strategy:
Long Position: Traders might consider taking a long position near the 0.618 Fib level with a stop-loss just below it. The target would be the 1.618 Fib level, aligning with the peak of the projected 3rd wave.

Short Position: A break below the 0.618 Fibonacci level could be used as a signal to initiate a short position targeting the next key support level.

Conclusion:
COIN exhibits a strong technical structure that offers potential for both bullish and bearish trades depending on key levels. Monitoring these levels along with volume and RSI can provide valuable signals for entry and exit points.