Will The Crypto Rally Push This Stock Higher?

Posted On January 23, 2023 3:42 pm

The crypto market seems to have melted up, if just for now anyway. However, with the push in the overall market the individual crypto stocks should follow Bitcoin’s lead.

This is certainly true for our stock today, whose fate is inexplicably tied to that of the price of Bitcoin. Coinbase (COIN) is the leader among crypto stocks, so it moves much the same as the largest crypto asset in the market. The video illustrates where the levels traders should be watching are, as laid out by the price action of the stock over the past year or so.

If this crypto, and market, rally can continue, then it is a high probability COIN follows suit.

Of course, the market could lose some of this steam, in which case, you’d be looking for the downside trade to the levels the market has also outlined for us. Check out the video if you want to make sure you have the levels on your screen, which may give you all the pieces to the puzzle you need to…

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About author

Steve Smith

Steve Smith have been involved in all facets of the investment industry in a variety of roles ranging from speculator, educator, manager and advisor. This has taken him from the trading floors of Chicago to hedge funds on Wall Street to the world online. From 1987 to 1996, he served as a market maker at the Chicago Board of Options Exchange (CBOE) and Chicago Board of Trade (CBOT). From 1997 to 2007, he was a Senior Columnist and Managing Editor for TheStreet.com, handling their Option Alert and Short Report newsletters. The Option Alert was awarded the MIN “best business newsletter” in 2006. From 2009 to 2013, Smith was a Senior Columnist and Managing Editor for Minyanville’s OptionSmith newsletter, as well as a Risk Manager Consultant for New Vernon Capital LLC. Smith acted as an advisor to build models and option strategies to reduce portfolio exposure and enhance returns for the four main funds. Since 2015, he has worked for Adam Mesh Trading Group. There, he has managed Options360 and Earning 360, been co-leader of Option Academy, and contributed to The Option Specialist website.