Taking Advantage Of The Pullback In Crypto To Bet On A Couple Of Picks & Shovels Plays
Portfolio Pulse from David Pinsen
The article discusses a strategy for taking advantage of the pullback in cryptocurrency by focusing on 'picks and shovels' plays, particularly highlighting a bullish stance on Coinbase Global, Inc. (NASDAQ:COIN) despite its recent earnings beat not spiking the stock price, likely due to a pullback in Bitcoin. The author plans to place a bullish bet on COIN, aiming for a 20% upside by the next earnings release, and also mentions holding a bullish options trade on another unnamed company releasing earnings this week.
May 07, 2024 | 6:33 pm
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The article outlines a bullish perspective on Coinbase Global, Inc. (NASDAQ:COIN), planning a bullish bet with an aim for a 20% upside by the next earnings release, despite a recent earnings beat not lifting the stock price, attributed to a pullback in Bitcoin.
Given the strategic bullish bet based on technical analysis and the expected positive movement post-earnings, there's a high likelihood of a short-term price increase for COIN, especially if the crypto market stabilizes or improves.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90