Hi Shopper,

Is Bitcoin breaking out of its funk?

Looks to me like it could be.

Check out the BTCUSD chart:

Bitcoin has been in a downtrend since its all-time high of $69,000 on Nov. 10, 2021.

Friday saw a huge move up creating a very bullish candle that has decisively broken out of that downtrend funk.

Now Saturday and Sunday’s candles look to be creating a bull flag.

I think Bitcoin can go to the $43,000-$44,000 level from here.

Now, how about a stock that could also benefit?

Lucky COIN

Coinbase (Ticker: COIN) has a very similar chart as Bitcoin. 

It also started its descent on Nov. 10, it’s earnings announcement date:

COIN is trading up against resistance here, closing at $194.44 on Friday.

Friday’s action looks like it formed a bullish engulfing candlestick.

I think if COIN can break out of this trading range and trade above $198 it will continue onto the $220 level, closing that gap created on January 21.

Be mindful of the earnings scheduled for Feb. 24 before placing your trade.

And if you want to know how I’ll play it, join my Option Shopper program.

Trade Review

On Friday I wrote about Coca-Cola (Ticker:  KO) trading higher. That did not happen … so no confirmation, no trade.

Thanks for Reading … 

Licia Leslie