Chart of the day

COIN is testing the upside support of 119. If we get a bounce off this level we could see an extension higher to 350 which will mean a higher extension in the third long-term wave after basing.

Only in the case of a clear confirmed break below 116, we could see an invalidation of an immediate upside extension, and that will lead to a pullback to another important support 92. A break above 125 will confirm that we will have an upside extension.

Long trades could be opened here with a stop loss below 116 upon a break above 124. Short Coin trades should be opened only upon a confirmed break below 116 but are advisable just as a swing trade. This can be traded with options as well.