If you've been reading this blog for some time, you know that I've been watching Bitcoin quite closely over the past few years. As I continue to be bullish on crypto, one stock that has been on my radar is Coinbase. The reasoning for this is extremely simple. As Bitcoin, Ether, Solana, and other cryptocurrencies start to rally, more and more investors are likely to log onto Coinbase in order to make trades. This will lead to strong increases in revenue and earnings as Coinbase continues to be the easiest way to buy crypto.
From a fundamental perspective, COIN has many of the traits a growth-oriented investor would like to see. First, it has six quarters of accelerating earnings and sales. In addition, it is estimated to have a monster 2024. Coinbase's chart is equally impressive. I took a position on Friday as it retook its' 50-day moving average. COIN looks really good on multiple timeframes with the daily chart showing strong action and the weekly and monthly charts showing a large cup and handle pattern brewing. I will look to add to my position should COIN set up again.
Risk right. Sit tight.
Full Disclosure: I currently own Bitcoin, Solana, and Ethereum.
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