Coinbase Key Support Levels to Watch

AI-generated source summary

The analyst is presenting a technical analysis of Coinbase (COIN) on a 4-hour timeframe. The stock has been in a sideways range for most of the year, breaking below $222. The current price is around $178.00. The analyst suggests two possible scenarios. The first scenario implies a bullish bounce from the current micro support area, potentially leading to higher prices. The second scenario suggests a bearish count where the current move up is part of a corrective wave 2 in a larger ABC pattern, expecting a continuation of a third wave down. The critical invalidation level for the bullish outlook is identified at $222.00, which is the beginning of the wave one downtrend. If the price breaks below $167.63, it is considered more likely that a third wave down has started. The target for the bullish scenario is set at $202.00, and for the bearish scenario, it is suggested that the price might go towards the $86.41 level. The analysis also mentions that if the price breaks above $222.00, it would invalidate the bearish count and make an extended move up more likely, potentially targeting levels around $250-$286.

AI-generated summary based on the source content.