Coinbase Rumors with some News sprinkled on top

已更新

I wanted to combine simple technical analysis with tangible real world events.
S/R with some short term targets and a parallel channel, is as basic as chart analysis goes, for me personally it is enough to come to a conclusion and plan the trade.

Recent history (in the crypto market) would suggest there could be trouble ahead for Coinbase. I picked a few events which show how Coinbase is attempting to optimize, consolidate, cut cost and find extra revenue stream.

Summer et al, timeline of news (and rumors) about Coinbase:

May 10th, 2022 - Coinbase adds new language to Form 10-Q regarding bankruptcy

June 2nd, 2022 - Coinbase rescinds already accepted job offers. Amy Castor wrote a great post covering that event.

June 14th, 2022 - Coinbase lays off 1100 employees. CEO and Cofounder Brian Armstrong shared an explanation on Coinbase Blog.

June 29th, 2022 - FOIA (Freedom of Information Act) request reveals that Coinbase has been providing ICE with blockchain analytics tools.

July 15th, 2022 - Leaked email reveals Coinbase plans to shutdown its affiliate-marketing program.

I purposely do not comment on the timeline, as all of us will interpret it differently, might be interesting to see the comments.

I don't believe that it's unreasonable to tread lightly while trading Coinbase, although there are plenty of fish, maybe I'll just trade something else and see how this story develops.

This is my Thesis, targets are purely hypothetical based on my analysis.
This is NOT Investment and/or Trading Advice.

Happy Trades!

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註釋

Coinbase reached the 79 and 70.3-ish levels suspiciously well

註釋

I looked at my math again and technically the top level wasn't reached, just a few cents shy. Updated value is 79.6, when working on a daily chart, you sacrifice some precision for the big picture.

New mid level is 63.6
The green line is 53.6, very low certainty that Coinbase will reach it this week.
I rebalance my charts often, dyor.