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If you watch the markets like I do, then we both know Coinbase Global (COIN) got a major 16.5% pop on Friday, and maybe that’s got some folks thinking the worst is over.
I think we’re set to come back down to the $80 to $90 area. That’s where the structure points and that’s what I’m watching for. And when I look at how this retrace is forming, it looks like we’re going to go a little deeper and it may not even be done. That possibility is still very much on the table.
Now, if you’re feeling optimistic and thinking maybe we’ve bottomed, I understand that impulse. But the broader structure suggests this correction has more room to play out and it may not resolve cleanly or quickly.
The Correction Could Get More Complex
Here’s where it gets interesting. This could be the first move down followed by a retracement then another move lower. These patterns don’t always wrap up neatly in a single wave — sometimes the market decides to get a little crazier with us.
The timing is tricky too. It may or may not wrap up in the same time frame as Bitcoin, but it definitely is tied to Bitcoin. That’s the reality when you’re trading crypto-related stocks — you can’t separate the two.
So while we might see some near-term strength, the bigger picture suggests more downside is coming. That $80-90 zone isn’t just a random target — it’s where the wave structure and retracement levels are pointing me.
How This Contrasts With MSTR
Here’s an interesting comparison. MicroStrategy (MSTR) tagged the downside and the next potential move looks like a rally back up. So unlike COIN, MSTR may be finished on the downside for now. It’s a very different setup even though both names live in the same crypto ecosystem.
Of course, if that read is wrong, MSTR could still head back down to around $70, but the structure there is signaling a possible shift upward while COIN still has unfinished business to the downside.
Let’s see how things play out.
Jeffry Turnmire
Jeffry Turnmire Trading
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I’m just a regular dude in Knoxville, Tennessee: a husband, father, civil engineer, urban farmer, maker and trader.
I’ve been at this trading thing with real money for 20-plus years, and started paper trading over 35 years ago. I have a knack for making some epic predictions that just may very well come true. Why share them? Because I like helping other people — it’s the Eagle Scout in me.
*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk.
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