Is JASMY done?
Taking a look at the daily chart, we see JASMY has been in a down trend (lower highs and lower lows) since the beginning of June falling back into this consolidation range where it was bound for 3 months during February - May. The fact that price has made a complete retracement of the breakout and back into the old consolidation channel, testing its low, is not a good sign to me.
The yellow lines on the chart represent the consolidation's boundaries with the top acting as strong resistance and the bottom now acting as strong support again. There's an intermediate level that acts as support/resistance around the .021 area.
The selloff on Monday, August 5th had substantial volume (last time we had that high of a volume was in February) which indicates to me that a large amount of coins were sold that day and people were taking their profits or getting out of their positions.
Moving forward, I would expect price to be bound within the range of this consolidation channel and if it breaks below it, the next support zone I see is around .012 - .013.
If price makes its way down to .015 - .016 again and consolidates there, it could be a great opportunity for a long position as that level is extremely strong. But, I need more data supporting that thesis before considering an actual entry.
Good luck to you all.
The yellow lines on the chart represent the consolidation's boundaries with the top acting as strong resistance and the bottom now acting as strong support again. There's an intermediate level that acts as support/resistance around the .021 area.
The selloff on Monday, August 5th had substantial volume (last time we had that high of a volume was in February) which indicates to me that a large amount of coins were sold that day and people were taking their profits or getting out of their positions.
Moving forward, I would expect price to be bound within the range of this consolidation channel and if it breaks below it, the next support zone I see is around .012 - .013.
If price makes its way down to .015 - .016 again and consolidates there, it could be a great opportunity for a long position as that level is extremely strong. But, I need more data supporting that thesis before considering an actual entry.
Good luck to you all.
评论
Recent price action has formed a descending triangle which is a bearish sign to me. Price is unable to create higher highs and buyers are getting exhausted. If sellers gain enough control they could break through the bottom of the triangle and force price downward.
If buyers regain momentum, price could break out to the upside which then I would expect it to retest the resistance level of ~.021.
评论
Buyers were able to break out of the descending triangle and made price consolidate around the ~.021 level before breaking out again and retesting the major resistance level of ~.024. Price was then rejected and moved back down to ~.01945 where it was previously stuck.
I expect price to retest the major support level of ~.01635 next which is the bottom of the major consolidation range. If it can't hold that, then I would expect it to test the next support zone of ~.012 - .013 like I had previously stated.
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