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