Coinbase: Countermove

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Primarily, COIN should turn toward an imminent countermove to the upside, although that rebound should fade below the resistance at $291.50. Once the associated top forms, we anticipate renewed selling pressure, which should allow the ongoing larger correction to eventually complete below the support at $138.45. In our alternative scenario, price could also rally directly above the resistance at $291.50 as part of a magenta upward impulse (probability: 30%).

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