Coinbase: License to Thrill or Just Another Casino Royale?

The Name's Bond James Bond...and I Invest

Right then let's have a look at this Coinbase business shall we? Seems our friend Bitcoin is playing hard to get dancing around that elusive $100,000 mark. And Coinbase like a cunning double agent is cozying up with Deribit that crypto options firm. Makes one wonder is this the beginning of something beautiful or just another elaborate trap? I've seen enough Casino Royales to know better than to jump in without a proper look.

From Lows to Highs: A Cyclical Affair

The chart M would be proud is quite the rollercoaster. Down to $150 up to $350 then back down again like a shaken martini – not stirred of course. Lost almost 60% of its value they did. A bit dramatic even for my taste. But then isn't that how fortunes are made and lost? A bullish divergence in April hinted at a possible support like a well placed Q gadget.

Breaking the Chains: Uptrend Validation

Now Coinbase has bounced above its 50 day moving average. The 200 day moving average is the last hurdle. The weekly chart mirrors this bullish sentiment. As they say once is happenstance twice is coincidence and three times is enemy action pattern. This could be an uptrend.

61.8% Retracement: A Golden Gun?

Ah the 61.8% retracement. Always a favorite of the Fibonacci crowd isn't it? The September 2024 and April lows could indicate a confluence of technical approaches. Like spotting a familiar face in a crowded casino it provides a sense of comfort... or a sign of impending danger. This is how we structure our risk vs reward.

Bitcoin's Dance: A Risky Tango

Playing Coinbase is essentially dancing with Bitcoin. And right now Bitcoin is waltzing towards that $100,000 mark. RSI is pushing into overbought territory. Risky? Absolutely. But as I've always said 'Diamonds Are Forever'. A push above $100,000 will test the all time highs from December 2024 and January 2025. This could be the start of something big.

The Keller Report: Eyes Only

David Keller CMT MarketMisbehavior.com no disclosures. Make of that what you will. Remember darling trust no one. Especially not financial advisors. They're all Blofelds in disguise trying to steal your cat... or your Bitcoin. Invest wisely and remember 'The World Is Not Enough' – unless you've got a sizable portfolio.