• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Bruce Kamich
    • Doug Kass
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • TheStreet Smarts
  1. Home
  2. / Investing

Flash: Coinbase Has Yet to Make a New Low Monday

But is it a buy?
By BRUCE KAMICH
Jun 13, 2022 | 02:32 PM EDT
Stocks quotes in this article: COIN

Coinbase Global (COIN) is a cryptocurrency company that provides customers with a platform for buying, selling, transferring, and storing digital assets. Cryptocurrencies have been plunging and COIN probably had many reasons to make a new low on Monday but did not!

 
When a stock is hit with a barrage of bearish news and it does not make a new low in price it is a sign that the bearish news has been largely discounted. Let's check out the latest charts.
 
In this daily Japanese candlestick chart of COIN, below, we can see a crushing decline from November to early May. In May we can see that prices were quickly cut in half and trading volume surged dramatically. Prices rebounded slightly and have declined back towards the May nadir but they have not made a new low despite the reports of carnage in the crypto market.
 
We could make a new low at any time but for right now we have a "teachable" moment.
 
The daily On-Balance-Volume (OBV) line has not made a new low for the move down and the slow-stochastic indicator (an oversold/overbought indicator) is likely to make a higher low in the days ahead.
 
 
In this weekly Japanese candlestick chart of COIN, below, we can see a large lower shadow and very heavy trading volume to make a low in early May. The weekly OBV line is at a new low but the MACD oscillator is narrowing. 
 
 
 
In this daily Point and Figure chart of COIN, below, we can see that prices reached a downside price target in the $58 area.
 
 
In this weekly Point and Figure chart of COIN, below, we can see that price met a downside target of $45.
 
Bottom line strategy: I find it interesting that COIN has been able to hold above its May 12 low. This does not make COIN a buy but it is a teachable moment.
Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

Employees of TheStreet are prohibited from trading individual securities.

TAGS: Investing | Markets | Stocks | Technical Analysis | Trading | Fintech | Brokerages | Cryptocurrency

More from Investing

Bearish Bets: 3 Stocks You Really Should Consider Shorting This Week

Bob Lang
Aug 7, 2022 10:30 AM EDT

These recently downgraded names are displaying both quantitative and technical deterioration.

I'm Banking on a Play in B. Riley Financial

Bret Jensen
Aug 7, 2022 7:30 AM EDT

Let me show you a covered-call setup in this investment management and financial services company.

The Secret to Dealing With Fear of Missing Out

James "Rev Shark" DePorre
Aug 6, 2022 10:00 AM EDT

FOMO is one of the most powerful forces in the stock market. Here's how to handle it.

3 Undervalued Blue Chip Dividend Stocks for High Long-Term Returns

Bob Ciura
Aug 6, 2022 7:00 AM EDT

This diversified group of high-yielders also happen to be undervalued.

So Far, Investors Are Willing to Reach Higher for the Market

James "Rev Shark" DePorre
Aug 5, 2022 4:24 PM EDT

After the miserable earlier part of the year, many investors are growing concerned that the market is going to run away to the upside without them.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

Email

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight

Already a Subscriber? Login

Columnist Conversation

  • 09:24 AM EDT PETER TCHIR

    Jobs Report Reaction: Incredibly Strong, But Questions to Ask

    An incredibly strong July jobs report. Not only d...
  • 08:54 AM EDT JAMES "REV SHARK" DEPORRE

    This Weekend on Real Money

    The Secret to Dealing With FOMO
  • 03:51 PM EDT REAL MONEY

    AMD Second-Quarter Earnings Live Blog

    Real Money's Eric Jhonsa covers 's second-quarte...
  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2022 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login