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Coinbase Global, Inc (NASDAQ:COIN) was trading down about 2.7% on Friday but continuing to see decreasing volume on the daily chart, indicating the stock is in a period of consolidation after surging to new highs following its quarterly earning print.
Following Coinbase’s big post-earnings move higher, some traders and investors likely cashed out their positions, anticipating consolidation was needed. On Wednesday, Cathie Wood-led Ark Invest sold 40,683 shares of Coinbase through ARK Innovation ETF (NYSE:ARKK) and Ark Fintech Innovation ETF (NYSE:ARKF) -a transaction valued at $6.6 million.
Bitcoin and Ethereum have also been consolidating recently but like Coinbase, the cryptos look to be settling into possible bull flag patterns on the daily chart, indicating a larger move to the upside could be on the horizon.
Read Next: Nearly $1 Billion In Bitcoin Withdrawn Leaving Coinbase With Lowest Reserve Since 2015
Bullish traders and investors looking to play the possible upside in Coinbase stock but with a diversified approach may choose to take a position in AXS 2X Innovation ETF (NASDAQ:TARK). TARK is an actively managed double-leveraged ETF aiming to return 200% of the daily performance of Cathie Wood-led ARK Innovation ETF. Coinbase is the top holding within ARKK, with a 9.77% weighting, followed by Tesla at 7.91%.
For traders bearish on Coinbase, AXS Short Innovation Daily ETF (NASDAQ:SARK) is an actively managed ETF aiming to inversely track the daily performance of ARKK and its basket of holdings.
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The Coinbase Chart: Coinbase reached a high of $193.64 on Feb. 16, where the stock topped out and began to consolidate. The run higher between Feb. 7 and Feb. 16, paired with the recent downward consolidation, has settled Coinbase into a possible bull flag pattern on the daily chart.
Photo by Sean Pollock on Unsplash