Coinbase (COIN.US) stock jumped more than 2% trying to erase recent losses as the cryptocurrency exchange benefits from bitcoin price rebound. Much of Coinbase's business is closely related to the price of bitcoin and ether, even if users continue to conduct transactions regardless of whether the prices of cryptos go up or down. In other words, Coinbase generates less revenue during bear markets, though the company plans to change this in the future. Also news that Ark Invest’s Cathie Wood recently acquired 214,718 shares of Coinbase worth approximately $47.8 million in her flagship fund ARK Innovation fund lifted market sentiment towards the stock.
Coinbase (COIN.US) stock launched today's session higher and is currently testing 50 SMA (green line). Should a break higher occur, then upward move may accelerate towards resistance at $256.10 which coincides with 23.6 Fibonacci retracement of the recent downward wave. However, if sellers will manage to regain control, then another downward impulse towards all-time low at $208.40 could be launched. Source: xStation5
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