#Jasmyusdt⚠️⚠️ #Write2Earn! #jasmy. #BinanceSquareFamily #FALLINGWEDGES INTRODUCTION
JASMY/USDT is currently showing a **falling wedge pattern**, indicating that a bullish reversal could be on the horizon. Let’s break down the technical indicators:
- Resistance : The upper trendline of the wedge shows consistent lower highs, suggesting a potential breakout if this trend reverses.
- Support : The lower trendline shows shallow declines, indicating weakening seller strength.
Volume : At 34.85M, the volume is moderate but will need to increase significantly to confirm any breakout.
Momentum Indicators :
- VMC Cipher B Divergences : Currently showing red dots (bearish), but this could change rapidly.
- RSI : At 41.82, it indicates oversold conditions. A move above 50 would boost bullish confidence.
- Stochastic RSI : Extremely oversold at 13.47, signaling a potential rebound.
- Hull Moving Average (HMA) : Slight bearish momentum, but this could reverse after a breakout.
Key Price Levels :
- Breakout Level : Watch for a breakout above the 0.0193 - 0.0195 USDT zone for a bullish confirmation.
- Support Level : Immediate support at 0.0188 USDT. A breakdown here could invalidate the bullish setup.
- Resistance Post Breakout : First target at 0.0210 USDT, with further resistance at 0.0220 USDT.
Trading Plan :
- Entry :
- Aggressive : Enter now or near the 0.0193 - 0.0195 USDT range with a tight stop loss.
- Conservative : Wait for a confirmed breakout above 0.0195 USDT with increased volume and a retest.
- Stop Loss : Place it just below the wedge’s lower trendline at 0.0185 USDT.
- Take Profit:
- First target at 0.0210 USDT.
- Second target at 0.0220 USDT.
- Long-term target could extend to 0.0230 USDT with strong momentum.
- Risk Management : Risk only 2-3% of your capital. Once the first target is hit, move the stop loss to breakeven.
Conclusion and Advice :
JASMY’s falling wedge pattern hints at a potential bullish reversal, but it’s crucial to wait for confirmation through a breakout with strong volume.
Traders should carefully manage risk and be prepared to exit the trade if key levels break down. Stay vigilant, and adjust your strategy accordingly to maximize gains and minimize losses.