✴️ JasmyCoin | Focus On The Positive (Name Your Altcoin #31)

12 Şub 2023

We have a situation here with JasmyCoin (JASMYUSDT) which immediately called my attention after opening this chart.

We have the same pattern of a reversal forming after a low was hit/support found in late December, the same pattern as most of the Cryptocurrency trading pairs within the Altcoins market but JASMY's reversal compared to the others is weak.

While one of the main signals I look for in these charts is the recovery above the May/June 2022 low, this hasn't taken place here.

After six weeks straight closing green, JASMYUSDT is still trading below this level, in fact a rejection happened this week as this level was hit.
Marked here with a dark green dashed line.

Let's focus on the positive!

While this is a negative signal, we have many more bullish ones.

A major downtrend has been broken, coinciding with a bullish breakout off a falling wedge pattern.

The 26-Dec. hammer candlestick pattern has been confirmed by the following 5 weeks closing green, this is already old news.

More recently, JASMYUSDT managed to close above EMA21.
EMA10 was conquered in early January.

EMA10 gauges the short-term potential of a pair but here we are looking at the weekly timeframe, closing above this level sends out that much stronger of a signal.

While this week is red, we have a very strong support level marked light blue on the chart.
While JASMYUSDT stays above this level the bulls remain in full control, mid-term bullish potential remains active. That is above 0.004176.

Even if JASMYUSDT were to enter a strong correction and move below this level, the bullish potential remains intact above the late December low (0.002726).

We have 460% potential based on the current chart.
This is huge... Even if one is greedy this is still a lot and this can happen within a few short weeks or 1-2 months maximum.

Of course, things can vary and that's why we define/look at the support levels first.
If our support levels fail, the bullish bias is invalidated.

Also, knowing these levels we can remain calm if prices drop because we know exactly what to expect.

The first target on this weekly chart is EMA50 for 175%.
Why this level?

If you look at FETUSDT, FTMUSDT and other altcoins that went ahead, you will notice that they stopped at EMA50 first and then continued higher.

As these pairs retrace, money flows to smaller projects and they grow.

If you see them moving ahead, you know that the smaller pairs will also go there when it is their turn.

There are many groups and many sections of altcoins, first one group, then the next and the next.

First Bitcoin, then the TOP10, then TOP50, etc.

One can figure out what is going to happen to the entire market just by tracking the few projects that moved first.

One can spot the trend reversal before it happens by looking at all the markets together, futures, stocks, indexes, crypto, etc.

I am writing for your learning and entertainment of course... You never see 6 weeks closing green to be followed by a new low.

When you get this type of price action, is because the bulls are in full control.

Bullish for us simply means higher highs and higher lows.

Thank you for reading my friend.
I hope you enjoy the content.

Namaste.