Shares of Coinbase (COIN) are demonstrating constructive technical characteristics going into today’s quarterly earnings report. With bitcoin retesting the “ultimate resistance” at $100,000 , and news this week of Coinbase acquiring crypto options firm Deribit, the recent rally may just be the beginning of a new bullish phase. The daily chart of COIN features a cyclical pattern from a low in September around $150 to an early December peak at $350. Coinbase then proceeded to lose almost 60% of its value, retracing 100% of the way back to $150 in early April 2025. The PPO indicator featured a bullish divergence as the price made a new swing low in April, hinting that COIN could find support as it retested that September low. Over the past four weeks, Coinbase has now bounced above its 50-day moving average, leaving a breakout above the 200-day moving average as the last validation of a new uptrend phase. The weekly chart of COIN is close to confirming the bullish evidence on the daily chart, as it shows how the September 2024 and April lows represented a 61.8% retracement of the 2023-2024 bull market phase. This could also help to structure our risk vs. reward scenario, now that we see how this recent support is based on a confluence of technical approaches. The weekly PPO indicator gave a bullish signal in October, soon after the September low at $150. With the recent rally for shares of COIN, the weekly PPO is very close to generating a similar signal in the coming weeks. We’re also noting that the 150-week moving average, a long-term barometer of market trends, is currently right around those 2024 and 2025 lows. Any play on Coinbase is essentially a play on bitcoin, and the good news is the charts suggest further upside for this leading cryptocurrency. A bullish divergence into the April 2025 low has been followed by a dramatic rally to retest the $100,000 level for the first time since February. With bitcoin back above moving average support, and the RSI pushing into the overbought region, we’re noting a number of similarities to previous bull cycles. If we see a successful push above the $100,000 level, and a retest of the all-time highs from December 2024 and January 2025, Coinbase and other crypto plays could just be in the early stages of a new bullish trend phase. David Keller, CMT marketmisbehavior.com DISCLOSURES: none. All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.
