HOOD, COIN and MSTR Forecast – Crypto Related Stocks Continue to Suffer

HOOD Technical Analysis

Robinhood looks as if it is going to drop a couple of dollars in pre-market trading on Monday, as Robinhood has settled some fines involving anti-money laundering issues going back about a decade. But what I do find interesting about this chart is that we are right around the area of support that I think traders will be watching.

It starts at the $43 level, an area that we had dropped below previously, and ends at the $38 level. So, it’ll be interesting to see if we get some type of bounce here in the next couple of days. While I wouldn’t necessarily be overly excited about buying Robinhood right here, it is a stock worth watching.

COIN Technical Analysis

Coinbase looks like it’s going to drop but that should not be a huge surprise, as cryptocurrencies in general are falling off the rails. So, I would anticipate further downward pressure in this market as we are decidedly below the 200-day EMA and now could go looking to the $180 region, which is an area that has been important a couple of times in the past from both support and resistance standpoint. If we were to turn around and take out the 200-day EMA to the upside that could have me thinking that the selling was over.

MSTR Technical Analysis

MicroStrategy continues to look soft and continues to bounce around between the 200-day EMA and the 50-day EMA indicators. This is a stock that will live and die with Bitcoin, mainly because I don’t even know if there’s a company involved anymore, it’s basically just a Bitcoin holding mechanism. The thing that MicroStrategy will desperately need is a recovery in Bitcoin.

So, if you want to know what MicroStrategy is going to do, you just follow that market. If we break down below the $230 level, the bottom is going to open on this market, and we could plunge from there. Rallying at this point, I think, doesn’t really matter until you break above $350.