"Jasmy Coin Analysis: Short-Term Bearish, Long-Term Bullish"💹 Let's dive into analyzing this cryptocurrency, update our previous analysis, and check entry points and scenarios for this chart.
🎉 Channel Milestone 900 Followers:
Thank you all for helping this channel reach 900 followers! Our next goal is 1,000 followers. Let's keep growing together!
🛒 Buying Coins in Crypto:
From my perspective, buying coins in cryptocurrency shouldn't be about investing all your capital at once. As we approach a potential bull run, we should first analyze the project and events surrounding it. Similar to trading in futures, we need an active trigger. We must wait for our desired resistance to break, such as weekly boxes in altcoins. For example, altcoins like SOL and LINK had significant movements after breaking their boxes and the related project events. Even though the market corrected, they never reached the entry point again.
📅 Weekly Time Frame:
In our previous analysis, we were mainly looking for long positions in this chart due to the positive conditions and sentiment. However, the bearish scenario with low risk, triggered by breaking the trendline and activating the 0.037890 trigger, also occurred, resulting in a 27% decline due to the correction in most altcoins.
After breaking the weekly box and our purchase, the trend has been completely upward, and the volume in corrections has been less than the upward movements, making these corrections logical and necessary for the long-term trend.
💡 Even though we've corrected 30% from the 0.03969 peak, there's no sign of a trend change. At the very least, we need a lower high and low or break 0.01774 or form a new structure.
Personally, I don't mind if the coins I hold drop to 0.01774. I won't liquidate them and will continue to hold. If I weren't committed to my strategy and sold at any point, I would likely have missed this entire upward trend.
📆 Daily Time Frame:
After hitting the 0.04078 resistance and failing to attract buyers, we experienced a decline along with the majority of the market. However, because the long-term trend is upward, we declined less than other coins.
Since the volume decreased after hitting 0.04078 and declining, we can retest this resistance area, making it a suitable and tradable coin.
Future potential correction levels are also identified. The more significant level is the 0.382 Fibonacci retracement or 0.01622, with a daily close below this support being a suitable exit point.
⏰ Four-Hour Time Frame:
After these oscillating movements, we've selected a box and are forming a new box, which simplifies our triggers for the upcoming week.
📉 Short Position Strategy:
after breaking the 0.02801 support line, we can open our short position. However, remember that we are in a correction of an upward trend and are not bearish yet.
📈 Long Position Strategy:
as someone who frequently trades Jasmy, I've become quite familiar with the conditions. Be patient for the trendline to break or open a long position after the 0.03304 resistance is broken.
🔑 Key Support and Resistance Levels:
Supports: 0.02438 , 0.02114
Resistances: 0.03304 , 0.03768