Bitcoin has ‘spectaular’ technicals: Strategist
When it comes to the charts for Bitcoin (BTC-USD), Michele Schneider, Chief Strategist at Marketgauge.com, says “it behaves beautifully technically,” Michele Schneider tells Yahoo Finance’s Jared Blikre, “it took out $28,000, took out $30,000, stopping right into some resistance now as we get closer to $35,000.” “It looks to me that as long we hold up over this $30,000 level, $45,000 to $60,000 is on the table,” Schneider adds. Watch the video above to find out what Schneider says about Coinbase (COIN).
Click here to watch the full interview on the Yahoo Finance YouTube page or you can watch this full episode of Yahoo Finance Live here.
Video Transcript
JARED BLIKRE: What do you think of the technicals in Bitcoin?
MICHELE SCHNEIDER: It’s spectacular. I mean, again, very commodity like in that it just behaves beautifully technically. I mean, it took out 28. Took out 30. Stopping right into some resistance now as we get closer to 35. It looks to me that as long as we hold up over this 30,000 level, 45,000 to 60,000 is on the table. More importantly, it’s now showing– regardless of all of the hype about it, it is showing a separation between what’s going on in equities and what’s going on in the cryptos. So store of value. Mass adoption. You can name reasons. But the charts are good.
JARED BLIKRE: Yeah. I focus on the technicals. I don’t really need a reason here. All right. Coinbase. This is a stock that really got obliterated last year after topping out I believe with Bitcoin itself. What do you think of Coinbase? Time to maybe punt a little bit in the stock space?
MICHELE SCHNEIDER: Well, the range was 70 to 80 for a while. And then last week when the news got out about an ETF for spot, this thing went to 90 really fast and now came all the way back down closer to the 70 level. So it’s the new widow maker in my mind.
JARED BLIKRE: Move over natural gas.
MICHELE SCHNEIDER: Oh yeah. Natural gas actually behaving. It’s just consolidating, getting ready to explode. So I think that Coinbase will benefit. It’s waiting for more news. Obviously, it’s a little bit of a departure from what’s happening with the actual Bitcoin itself. But, again, this can get through. I like these lines you drew here. We can get through all of this resistance. I think 114 is my first target, really.
JARED BLIKRE: All right. Well, we have to leave it there. Really appreciate you stopping by, as always, Mitch Schenider. Guys.
– Thanks so much for breaking that down. Great analysis there on the charts. All right.
