According to traders, Disney will buy Coinbase ahead of this week’s earnings

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According to one trader, this week’s Coinbase earnings report could be crucial to equities.

Bill Bulk, founder and president of Blueline Capital, told CNBC’s “Trading Nation” on Friday.

“I think their user growth will exceed 60 million validated users. It will be like the benchmarks they continue to offer. Trading activities are where they get paid. But I think so, he said, even if major crypto assets such as Bitcoin and Ethereum are struggling.

This is a good sign for Coinbase’s second-quarter report scheduled for Tuesday afternoon, said Baruch, who owns Bitcoin and Ethereum.

“There’s a good trendline support it’s off, and it’s out of the wedge of resistance,” he said. “I think this can reach 290-300. I think the revenue is positive and the guidance needs to be appropriate.”

Coinbase shares closed at $ 258.26, up about 1% on Friday. They rose another 3.8% to $ 268 in the pre-market trading session on Monday. A run to $ 290 or $ 300 is an increase of 12-16% from the closing price on Friday.

In the same interview, Chantico Global founder and CEO Gina Sanchez said Disney’s third-quarter earnings report was also noteworthy.

“It’s a company that hit an absolute home run on Disney +, especially during a pandemic, but it’s completely overshadowed by the $ 4.5 billion loss of revenue it endured from the closure of parks and studios.” Said Sanchez, also chief. Market strategist for Lido Advisors.

“But look … it’s back,” Sanchez said. “They will regain the park’s revenue. In the meantime, Disney +’s opening is a much better way for Disney to bring new content to the market in a way that keeps more takes. . “

Disney will report on Thursday afternoon. Shares closed on Friday with less than half a 1% rise, but lost some momentum in pre-market trading on Monday.

Disclosure: Baruch owns Bitcoin and Ethereum. Lido Advisors owns a stake in Disney.

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