Coinbase is set to release Q2 earnings after the market close on Tuesday while the Wall Street expects EPS of $2.57 on revenue of $1.83 billion. COIN stock has just witnessed four days of sharply rising prices in line with Bitcoin. Coinbase’s second quarter results missed out on Bitcoin’s renewed strength of the past few weeks. The pioneer cryptocurrency, which accounted for about 44% of Coinbase’s revenue in 2020, has experienced a 59% run-up since July 20.  Though some of this was likely traders crowding in with the hope of an earnings pop, much of it was likely due to Bitcoin price rising through the resistance barrier from 43150 to 45321. Since BTC made it past this zone, many think 50000 is the next target. Coinbase’s share price often tracks the price of Bitcoin, because the exchange derives more than 90% of its revenue from trading fees normally paid in crypto. The vast majority of cryptocurrencies have at least some correlation with the leading crypto, which still makes up a large share of Coinbase’s trading revenues.

BULLISH AND BEARISH CONDITIONS / POSSIBILITIES :

In the absence of a larger pullback after days of significant gains, analysts were keen eyeing the approaching “golden cross” event on the daily moving average and weekly moving average convergence/divergence (MACD) BTC/USD charts. Traditionally considered to be a bullish event, a golden cross involves the rising 50-day moving average crossing above the 200-day moving average. Also the placement of our 50% fibb level is showing that the market move has the momentum to touch 47,000 and then provide a short term retracement. We arent expecting any huge bearish falls in the BTC market because 61.8% fibb level is present at the same price as mentioned above in terms of the psychological level by traders to be targeted which has high chances of pulling the pair towards 51,000.

BTCUSD

Aug 10 2021