COIN – Your Bullseye Pick of the Week - Bullseye Pick of the Week
My Trade Plan Details:
- COIN July 28 2023 $100 put near $5
- Stop: Close above $112
- Target 1: $92
- Target 2: $85
I also don’t see a lot of great short set ups right now, in general.
There is one sector that really has my attention at the moment, though, and that is crypto.
Many of the big crypto stocks have made a 100% move in the last few weeks, even though the gains for crypto itself have been much lower.
I do not think this “pop” is going to last, and we are going to see a lot of declines soon.
My top target to bet against this week is Coinbase (COIN), and I am looking to buy puts on it this week in hopes to profit from a decline.
My plan for COIN is to wait and look for a little rally today, after what looks like opening weakness, and get started on the put option contracts.
If I am wrong, I think we will see COIN close above $112, which was near the recent top. That could lead to a further short-squeeze, so I would exit my trade there for a loss.
If I am right, I think we will quickly see $100 taken out and then a drop to the low $90 range, which is where I would like to lock in profit target #1.
After that, I think we could see COIN trade all the way to $85, for target #2.