After bottoming out on March 8th, JASMY finally showed signs of life and began a rebound.
JASMY continued to complete a five wave cycle reaching a new local high on March 23rd
Price bounced off the .618 fib level at 0.0172 on April 15th, formed a double bottom on April 17th (4H chart) and bounced to the .382 Fib level where price formed a new local high on April 24th
Price has retraced and is now consolidating above the.618 fib at 0.0204 (4H chart) and has formed a double bottom
-If this level holds, we can look for JASMY to head back to the April 24th high of 0.025 and the previous March 23rd high.
-If the .618 fib level breaks then expect price to head back to 0.017
-I'm expecting the .618 fib level to hold due to the following:
-Numerous Positive Divergences on the 1H chart: Hist, RSI, Stoch, MOM, MFI, ADP
-MACD is positive, increasing ADP level as the selling pressure has decreased
JASMY continued to complete a five wave cycle reaching a new local high on March 23rd
Price bounced off the .618 fib level at 0.0172 on April 15th, formed a double bottom on April 17th (4H chart) and bounced to the .382 Fib level where price formed a new local high on April 24th
Price has retraced and is now consolidating above the.618 fib at 0.0204 (4H chart) and has formed a double bottom
-If this level holds, we can look for JASMY to head back to the April 24th high of 0.025 and the previous March 23rd high.
-If the .618 fib level breaks then expect price to head back to 0.017
-I'm expecting the .618 fib level to hold due to the following:
-Numerous Positive Divergences on the 1H chart: Hist, RSI, Stoch, MOM, MFI, ADP
-MACD is positive, increasing ADP level as the selling pressure has decreased
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.