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The recent rally in the Coinbase share price was met with profit-taking as investors prepare for today's highly-anticipated earnings call. Shares in the U.S-listed Cryptocurrency Exchange Coinbase (COIN) had rallied 23% in 5 sessions at one stage yesterday. However, bearish Bitcoin sentiment and profit-taking at a key technical level saw the Coinbase share price lose -6.40% on the day. The day had started quite brightly, with the Coinbase share price once again back above $300. The mood turned sour late in the session when Elon Musk revealed that Tesla would no longer be accepting payment in Bitcoin. The exchange is reliant on Bitcoin. The leading cryptocurrency is its most traded asset and therefore makes up a large part of its revenue. Many Institutions also hold Coinbase stock as a way to gain access to the Bitcoin price. Therefore the share price carries a strong correlation to the Bitcoin price. Earnings Release The company releases Q1 earnings after the close today. The market is expecting good things. And no doubt, the backward-looking data will reflect a healthy trading environment for the first 3 months of the year. What investors will be interested in is the increased competition going forward. April has seen Bitcoin's dominance fade as investors increasingly focus on Decentralized Finance related assets. This has been a boost to Ethereum, which is also listed on Coinbase. However, it has also increased trading volume in many other assets that are not. This has driven volumes at Coinbase's Asian rivals, Binance and Huobi. Coinbase Share Price Outlook Looking at the 30-Minute chart we can see that the stock had broken out of a descending triangle pattern. The trend line at $266, and in place from the opening day high of $429, had been good resistance. This clearance triggered a technical rally in the Coinbase share price to $306.60. The rally faltered, just short of the 27th of April, $306.67 high. This area now becomes strong horizontal resistance. Clearance of the $306.67 level should attract buying and could see the price extend to the 21st of April high at $327.50. A close below yesterday's $276 low would signal a return to the $251 all-time low. However, Traders should wait for the earnings release before entering positions. Clearly, the data will have a material impact on the price. COIN 30-Minute Chart Coinbase share price Follow Elliott on Twitter.