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JASMY breaking down? Where to buy?

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As you can see on the daily chart, JASMY is continuing its way down. It looks like an inverted cup and handle with current price breaking below the handle and retesting it.

If further downside occurs, I will expect price to trade within the marked Potential Buy Zone which happens to be around the top of the previous consolidation's range.

I will continue to monitor price and look for opportunities in the PBZ if price makes its way there.

What do you think? Do you agree or disagree? Are you bullish or bearish? Why?

註釋

JASMY continues its way down. If price reaches the PBZ, there could be a short-term buying opportunity/scalp. I say short-term because price is looking extremely bearish at the moment.

I would prefer to see more bullish developments to hold on to a position long-term from the PBZ.

Trade safe.

註釋

Price flew right through the PBZ. It made a complete retracement from the top of the cup to back into the middle of the previous consolidation channel. It's not looking too good.

註釋

Price ended up retesting the halfway point of the previous consolidation range. I would expect the top of the consolidation range to act as resistance now.

註釋

Looks like crypto is also following the general stock market as the majority of investments are starting to decline.

JASMY broke below this trendline on the daily chart. I expect it either goes up to retest the trendline with a possible breakout to the upside with near-term targets being the Fibonacci levels. Or, a continuation downward with a test of the major support zone being around the first yellow line directly below current price. There is an argument to be made that JASMY created a new short-term support level (the horizontal line piercing the trendline). Usually when price action is stuck in a tight spot like that (horizontal support, near a trendline, 38.20% fib level) I will wait for a decisive move for more confirmation to enter. If you are waiting for an entry, I would wait a little longer for the two scenarios to play out before deciding to enter-or at least I would.

Good luck.

註釋

JASMY continues its downward descent retesting a major support level of the 0.015-0.016 zone. If you are looking for a short-term target to the upside, I would look to take profit around 0.021 area. There's nothing bullish that I see that would justify holding a position further than that. I will wait for further data to prove me wrong.