📈Daily Analysis: Exploring JASMY for Profitable Trades🎯🔍Yesterday, Bitcoin formed a strong bullish candle on the daily time frame, highlighting the importance of considering all scenarios to avoid being caught off guard by market movements. One of our scenarios suggested that a false breakdown of support could lead to an upward move. This indeed happened, with Bitcoin not only rising but also breaking through the $64,400 resistance and currently consolidating.Today, we will analyze JASMY, a coin that could offer good trading opportunities in futures markets. Let's identify potential entry points for profitable trades.
⚡️JASMY is currently in an uptrend on the daily time frame, making it suitable for long positions. However, the momentum has shifted as the SMA99 has caught up with the candles, indicating the possibility of short positions since the bullish momentum has waned, allowing for potential downward movements.
✅Support and Resistance: The price is consolidating between the 0 and 0.236 Fibonacci levels, with a support zone between 0.236 and 0.382 that has held despite significant selling pressure. A descending trend line was faked out once and has now stabilized above it, yet it hasn't triggered a decisive move.
📈The key trigger for confirming the continuation of the uptrend is at 0.021070, the previous high that led to a lower low. A candle closing above this level would suggest buyers are regaining control, making it a reliable entry point for long positions.
Main Trigger: The ultimate trigger for a long position is at 0.024527. However, this level may break with a large candle, leaving little room for a logical stop-loss. Thus, trading at the 0.021070 level is preferable.
📊For a more robust confirmation, look for increasing volume in green candles. Without this, the upward trend may show weakness. Additionally, an RSI stabilization above 56.47 would confirm the re-entry of bullish momentum into the market.
📉The trigger for shorting JASMY is at 0.017195. However, given the overall bullish structure and better shorting opportunities in other coins with more pronounced downtrends, shorting JASMY is not highly recommended.
📝In summary, JASMY presents a potential for long positions, given its current uptrend in the daily time frame. The critical trigger level to watch is 0.021070, with further confirmation needed through increased trading volume and RSI stability above 56.47. While short positions are possible, the coin's overall bullish trend suggests focusing on long positions or finding other assets with stronger bearish trends for short trades. Stay vigilant and manage your risks appropriately to capitalize on the market movements effectively.
🧠💼It's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2.
