JASMY Long Opportunity
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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