The cryptocurrency market is exhibiting positive momentum today, with Bitcoin ($BTC ) surging by 3%, reclaiming the $105,000 level. This upward movement follows the Federal Reserve's decision to maintain the federal funds rate within the 4.25%-4.50% range.
Mirroring Bitcoin's performance, JasmyCoin ($JASMY ) has also entered the green territory, posting a notable increase of over 7%. However, despite this recovery, JASMY is still grappling with the effects of a 17% decline over the past 30 days.
Bullish Harmonic Pattern Signals Potential Surge
According to a recent analysis by crypto trader , a Bullish Gartley pattern has emerged on JasmyCoin's daily chart, suggesting a potential breakout. This pattern, characterized by key Fibonacci levels, indicates that JASMY is currently in a retracement phase, with the possibility of an upward move on the horizon. The price structure has completed the X → A → B → C legs and is now nearing the C → D leg, pointing towards a potential bullish reversal.
The D point of the pattern aligns with a price target of $0.052, which could serve as a critical resistance level. If this target is reached, JASMY may continue to see further gains, potentially moving towards the $0.065 - $0.075 range in a full harmonic completion scenario.
Support and Resistance Levels
Strong support has been identified near the $0.020 - $0.022 region, where previous accumulation occurred. Immediate resistance is observed around the $0.030 level, a price point where prior rejections have taken place.
Should the bullish pattern unfold as expected, JASMY could experience a breakout toward the $0.048 - $0.052 range.
Fibonacci & Ratio Confluence
The validity of the harmonic pattern is further confirmed by Fibonacci retracement levels:
The B retracement stands at 0.416, validating the pattern.
The C leg extends to a 1.161 level, a common point preceding a trend reversal.
The D projection aligns with the 0.78 Fibonacci retracement level, indicating a robust resistance zone.
Breakout Potential and Trend Shift
JASMY has been forming higher lows, suggesting accumulation within a descending wedge structure. A breakout above the $0.030 level would confirm a trend reversal, likely propelling the price toward the $0.048 - $0.052 target.
With Bitcoin maintaining its strength and altcoin momentum gaining traction, JASMY appears poised for a bullish shift in the coming weeks. Nevertheless, traders should exercise caution, as external market conditions and macroeconomic factors can significantly influence price movements.
Conclusion
Given Bitcoin's ongoing strength and a promising bullish harmonic setup for JasmyCoin, a trend shift seems likely in the near future. However, traders should remain vigilant, as broader market dynamics and macroeconomic developments may impact the overall direction of the market.
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