"Analysis of JASMY: Upward movement against the market trend"💹 Let's dive into updating our analysis of JASMY coin. We'll review our previous triggers and entry points and examine new opportunities for profitable trades.
🗣️ Market Overview:
Before diving into the JASMY analysis, let's discuss the recent events in the market. Yesterday, the crypto market began to decline after the U.S. non-farm payroll data for May came in much stronger than expected. This data indicated that the labor market is handling tight monetary policies better than anticipated. Consequently, this diminished the likelihood of the Federal Reserve lowering interest rates, which is a crucial factor for the influx of liquidity into risky assets and cryptocurrencies. As a result, the chance of a rate cut in July was effectively eliminated, leading Bitcoin to drop to $68,400 last night and causing $450 million in trading positions to be liquidated.
🔍 Previous Analysis Recap:
In our previous analysis, we focused on a long position and identified the significant resistance at 0.024489. After breaking this resistance, we expected a bullish move, although we also anticipated a potential bounce from the parabolic curve, which did not occur. Instead, after ranging within the box and breaking out of the box's top, the price started its upward movement.
🕵️♂️ I personally opened a long position after the breakout at 0.024489, following the trigger provided. It wasn't just a theoretical trigger; it was a practical trading opportunity. To talk about the entry point, the resistance broke with strong buying pressure, indicated by the shadows at the bottom, showing sellers tried to hold the price down but couldn't. The volume also increased. Currently, I'm holding this position, but if we close below 0.037890 on the 4-hour timeframe, I will close the position. So far, this trade has a risk-to-reward ratio of 6.5.
📊 Weekly Timeframe:
On the weekly timeframe, after breaking out of a significant 500-day box and the weekly resistance at 0.007311, we have started a bullish movement. The importance of these boxes cannot be overstated; they are crucial for trading strategies, especially for buying altcoins or forming a crypto portfolio. Unlike shopping in a store, you shouldn't just pick a little of everything. You need triggers, and these boxes and the relative performance to Bitcoin are essential.
💰 Our volume analysis on the weekly timeframe confirms the uptrend as volumes increase with green candles in the direction of the trend and decrease during ranging and corrections, indicating the trend's strength.
⏳ Daily Timeframe:
On the daily timeframe, we have a clear uptrend. After breaking the resistance at 0.024489 mentioned in our previous analysis, we saw an 80% move upwards. Currently, we have reached the significant daily resistance at 0.044029, which might slow down the price.
🛡️ Additionally, the RSI is in the overbought zone, suggesting the market might need some rest. We could form a box here, but it heavily depends on overall market conditions.
🕯️ Another useful tip is that in an uptrend, if there's a fake breakout below the box's bottom, the likelihood of breaking out of the top increases.
🌟 Four-Hour Timeframe:
In the four-hour timeframe, JASMY is moving contrary to the market trend. While most coins are ranging or declining due to last night's events, JASMY is rising because its Bitcoin pair (JASMYBTC) is bullish, attracting more buyers.
📈 For a long position , wait for the breakout above the 0.04429 resistance or the RSI to enter the overbought zone, breaking 73.69.
📉 For a short position , there are better coins that are more aligned with a downward trend. However, if you're keen on shorting JASMY, wait for a break of the ascending trendline and the activation of the trigger at 0.037890.
💡 One important point from my experience: When a coin is in a strong uptrend, even if there's a correction, it tends to bounce back more sharply compared to other coins. This makes it more likely to hit your stop loss if you're shorting.
🛒 Currently, there's no new entry point for buying this coin. However, the previous entry point at the breakout of 0.024489 remains valid and is already up by 70%. You can consider taking out your initial investment to be risk-free.
🔑 Key Support and Resistance Levels:
Supports: 0.037890, 0.032356, 0.024489
Resistances: 0.044029, 0.052533, 0.064612
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice . We're here to stay in the market and maximize profits by adhering to risk and capital management principles.