Coinbase Decides Gravity Needed a Win

In case you missed it, this is what happened today. 🤢

It started like this:

and ended like this:

Because of this:

We are aware that some users may see a zero balance across their Coinbase accounts & may experience errors in buying or selling. Our team is investigating this & will provide an update shortly. Your assets are safe.
You can track this incident at https://t.co/a3pl4WiDhZ

— Coinbase Support (@CoinbaseSupport) February 28, 2024

In roughly 30 minutes, 160 billion in market cap was lost. Rumors are flying that the hamster wheels powering $COIN‘s operations have all broken down. 

A fake internal audit brought to light that instead of using brass wheels, some noob decided to save a few bucks and bought a semi truck’s load of made-in-China wheels. Upon further discovery, the wheels were not wheels but replacement gears for the 1990’s hit board game Mouse Trap. 

In a nutshell, I was excited about the rally, and then the market equivalent of someone randomly kicking you in the nuts happened. 

At the time of publishing, a few updates from their support page occurred. 🙁

Let’s be honest here, Coinbase’s problems are not the reason prices tanked after the rally, but it was a catalyst. From a technical analysis perspective, a small sneeze would cause some retracement. 🤧

The chart above is a Point & Figure chart. You don’t need to know anything about it except for that hugenormous column of green X’s.

If you really want to learn about it, I recommend you watch this video here.

That massive column is called a Spike Pattern in Point & Figure – it’s the definition of exuberance and what you’d consider ‘overbought’. 🤯

The same Spike Pattern we just saw on Bitcoin’s chart is on Ethereum’s chart:

How bad could the retracement get? No idea. I know that a common retracement from a Spike Pattern is 50%. For Bitcoin, that’s a return to $57,500. For Ethereum, that’s a return to $3,150.

But let’s be honest here – the initial moves at the beginning of a new crypto expansion phase can be insane – so while the technical retracement is commonly 50%, crypto’s bull runs are anything but common. 🧠

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