Reuters
2024.02.12 17:12
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BUZZ-Coinbase techs grow more bullish

Coinbase Global's stock price rose to a 1-month high as Bitcoin reached a 2-year high near $50,000. The rally generated bullish technical signals and broke through key Fibonacci retracement levels. The rising daily relative strength index suggests upward momentum. However, the rally stalled before reaching the 50% Fibonacci retracement level. If it continues to rise, bulls may target December's high. Current price: $148.42.

** Coinbase Global (COIN.O) rallied to a 1-month high of $150.35 Mon

** Stock price gains aided by Bitcoin (BTC=) striking a 2-year high near $50,000

** Today’s price action helped COIN generate some additional bullish tech signals

** Rally followed the daily doji candle put in place Fri Feb. 9

** 38.2% Fibonacci retracement of the $187.39-$114.51 drop was pierced again

** Rising daily relative strength index (RSI) implies upward momentum in place

** Coinbase recent rally above its 10- & 30-DMAs gives longs some confidence

** Rally stalled short of the 50% Fibonacci retracement of $187.39-$114.51

** Break brings 61.8% Fibo of $187.39-$114.51, Jan. 4, 8, 11 daily highs into focus

** A move above these hurdles could lead bulls to target December’s high

** COIN Stock last up ~4.5% at $148.42

coin

(Christopher Romano is a Reuters market analyst. The views expressed are his own)