Crypto Daily - Is the crypto market about to turn the corner? Bitcoin proxies Strategy (formerly MicroStrategy) and Coinbase (NASDAQ:COIN) look as though they are in prime position to rip higher.
Strategy bottoms at 200-day moving average
Source: TradingView
The Strategy chart on the daily is looking very good. The price has come all the way down to the 200 moving average within the descending wedge. This has acted as strong support, and Tuesday’s spike in price came from this platform. As can be seen, Wednesday’s opening price is around $7 higher. A surge beyond $282, and then a breakout of the wedge could see $MSTR heading back to the highs.
Major indicators point to $MSTR breakout
Source: TradingView
Zooming out into the weekly timeframe the RSI shows the recent downtrend. However, the indicator line is coming back to the descending trendline, and if it is not rejected, it would likely break out at the same time as the actual price.
At the bottom of the chart, the Stochastic RSI is displaying a cross up in the indicator lines. If the blue line can now stay on top, and both lines can cross the 20.00 level, this would signal substantial upward price momentum.
$COIN finds a bottom at $193
Source: TradingView
As is the case with $MSTR, $COIN also has a pre-opening price a few dollars higher. Having found what could be a bottom at $193, the price could push on up to the top of the big triangle.
$COIN breakout is imminent
Source: TradingView
On the daily chart for $COIN it can be seen that the price has come up against the strong horizontal resistance level at $213. However, looking at the bottom of the chart, the Stochastic RSI is primed for breakout from the descending trendline. Breaking out of the triangle will potentially be the start of the rest of this bull market.
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