COIN, MSTR and RIOT Forecast – Crypto Stocks Rising in Premarket Trading

COIN Technical Analysis

Coinbase stock during the early hours on Tuesday has rallied a little bit as it looks like the market is doing what it can to bounce from the $250 level from the previous session. The $250 level would most certainly have a significant number of options attached to it, or at least in the area. And it’s also worth noticing that we had touched basically halfway between the 50-day EMA and the 200-day EMA indicators.

At this point in time, if Coinbase can break above the 50-day EMA, somewhere near the $272.15 level, then it could bring in a little bit more buying pressure. That being said, it is worth noting that it is the end of the year, so we have a situation where perhaps market participants just were taking a profit, and that led to this decline. All things being equal, this looks like a classic breakout and pullback before a move higher.

MSTR Technical Analysis

MicroStrategy continues to drift lower overall, but in the early hours of Tuesday is showing signs of resiliency. The MicroStrategy continuation of buying Bitcoin to prop up its balance sheet so far has worked, but there are questions about the viability of the company itself. Most earnings are going to be tagged to the idea of Bitcoin, but you can see the most recent earnings estimates and release were most certainly down.

At this point, the $270 level is at the bottom of a gap. I think that would be a little bit of a natural floor in the market if we do continue to fall from here. Keep in mind though, there’s also the possibility that the market is just simply jumping around because of course, it’s New Year’s Eve. It’ll be interesting to see how this plays out. This remains a situation where traders use it as a proxy for Bitcoin. Bitcoin has been a little bit soft as of late, so this all ties together.

RIOT Technical Analysis

And finally, Riot Platforms is up slightly in the early hours after initially plunging towards the $10 level. The Bitcoin miner, of course, has its fortunes tied with Bitcoin in general, but it is probably worth noting that it looks like the 200-day EMA and the $10 level are both trying to offer support. A break above here could open up the possibility of challenging the 50-day EMA and then the crucial $12 level.

Anything above $12 could bring in more buyers and more FOMO to send this market closer to the $15 level. If we turn around and break down below $10, then you probably need to get out of the way and let it find its bottom. My name’s Christopher Lewis, I work for FX Empire. If you enjoyed the video, give me a thumbs up and subscribe to the channel for more analysis.