$COIN
Added 2023-08-08 10:56:26 +0000 UTCImpulse wave is now invalidated, the price action crossed aggressively below the blue line which would impede on Wave 2 and this breaks the rules of EW Theory.
$COIN has been under a lot of pressure due to its SEC lawsuit and a number of analysts updated their targets for $COIN which were less than attractive, Goldman - PT $51, Morning Star - PT $80, B&W - PT $50
We can see on the 1hr chart that the 50 Day is about to cross down through the 200 Day MA and this is a bearish indication.
The saviour for $COIN may be how it behaves if $BTC starts to move to the upside.
For now, I would advise steering clear of this until at least the top blue line at $87 is recovered because it can come down a lot lower.
