Whether it was capital moved from Bitcoin to COIN during its stock market debut, or a classic sale of the news event, the top cryptocurrency on the day is red.
Bulls were expected to steal the show today, but instead there was a 5% decline over the day from today’s new all-time high. A short-term bullish structure remains intact, however – meaning the sell-off could be a bullish retest ready to push prices to $ 87,000 per BTC.
COIN: Coinbase Global brings crypto to Nasdaq
Coinbase Global (COIN) began trading on Nasdaq today, marking Crypto’s major public debut and the first cryptocurrency company to go public.
Related reading | Bitcoin NFT “The Death of Fiat” is reminiscent of Crypto Bull Run
The excitement leading up to the listing has spurred the FOMO crypto market, further pushing Bitcoin and Ethereum to hit new highs. Exchange tokens, altcoins and everything else.
COIN fell in the hours after an initial rise to a high of $428 | Source: NASDAQ-COIN on TradingView.com
COIN debuted today, hitting a high of $ 428, but has fallen as much as 27% in the past few hours to a low of $ 310 a day.
Bitcoin fell too, falling 5% on the day as well. However, the decline to retest support could ultimately be bullish for the top cryptocurrency and was a quick shock before moving higher.
Bitcoin dropped 5% from today's highs as COIN made its stock market debut | Source: BTCUSD on TradingView.com
Bitcoin forms the most bullish pattern ever: the ascending triangle
In technical analysis, depending on the inclination of a trend angle, it can be determined whether the market structure is bearish or bullish. Price action leaves support and resistance that form geometric shapes and other patterns.
Inverted head and shoulders, falling wedge, cup and handle, and more are all bullish patterns. Triangles come in a variety of shapes, but when they are bullish the bottom trendline rises.
Technical analysis training | Everything you need to know about triangles
Prior to Coinbase Global’s debut, an ascending triangle pattern appeared, with a breakout yesterday and a possible re-resistance test that found support today.
Ascending triangles are some of the most powerfully bullish patterns | Source: BTCUSD on TradingView.com
If the classic bullish chart pattern applies, the target based on the measurement rule would send the highest cryptocurrency at prices of $ 86,000 or more. Crypto market cycle highs were expected to reach $ 100,000 or more per BTC. Recently, however, a rare and accurate top Pi-based signal has appeared.
Coinbase made its debut. It is now time for Bitcoin to prove to Wall Street that the COIN listing was worth all the attention.
Featured image from Deposit Photos, Charts from TradingView.com