Coinbase Global Inc (NASDAQ: COIN) was rising about 5% on Thursday boosted by a statement from the U.S. Securities and Exchange Commission Chair Gary Gensler.
During testimony on Wednesday, Gensler maintained his position that Bitcoin doesn’t meet the requirements to be considered a security.
Bitcoin and Ethereum reacted positively to Gensler's bearish stance, spiking about 2% and 3%, respectively, before beginning to consolidate sideways.
On Thursday, Coinbase opened slightly higher before starting to spike considerably north, regaining the eight-day exponential moving average (EMA), which could negate the possible bear flag.
The bear flag pattern is created with a steep drop lower forming the pole, which is then followed ...