This "is Unlike any Market debut Wall Street Has Ever Seen" is the headline of today's article on CNCB.com. This is in reference to Coinbase (COIN) going public tomorrow. Why would a cryptocurrency exchange go public? This chart says everything:
These numbers are ridiculous and have many financial experts scratching their heads. We crypto-enthusiasts are much less surprised by the growth of Coinbase. Most of us have probably used or are still using Coinbase or Coinbase Pro for some of our holdings. After all, it is the biggest and probably the most secure, even if it does not have the options like Binance, Kucoin, or other exchanges. Nonetheless, we should all be cheering right now. Bitcoin smashed through its previous ceiling today and there seems to be plenty of momentum for it to go higher in the near future.
Julian Emanuel, head of equity and derivatives strategy at the global financial service firm BTIG, stated "how bitcoin reacts this week could set the tone in the cryptocurrency market for weeks to come." He also said "there was substantial resistance at $62,000, which it has now blown through, and there is solid support at its 50-day moving average, near $54,900."
This chart shows the moving pattern of Bitcoin over the past year through April 2021:
Katie Stockton, chief technical strategist at Fairlead Strategies is predicting a new short-term ceiling of around 69,000 or so. She also points out the very solid 50 day moving average providing a solid foundation (pointing out that it is extremely unlikely that the bottom can drop out any time soon).
Ether and other big names in the crypto world are also having a good week. Some smaller names, not so much. Is it time to leave some of the dead weight behind and ride this wave up? Perhaps. At least that is where I am going. I am no expert. I am taking a risk, but I expect it to work in my favor.
If you have never opened a Coinbase account, there has never been a better time. Use this link and you and I will both get a $10 opening bonus if you deposit at least $100 dollars. There are also educational videos that you can watch to earn more than $50 in crypto. That is how I started on Coinbase and I still love it.
If you have Coinbase, but have not tried Kucoin yet, you will be impressed with their many options. They too have a referral program. Here is a link:
Happy trading! As always, buy, sell, and exchange at your own risk. Enjoy the ride!