JTO/USDT - excellent breakoutBINANCE:JTOUSDT with an excellent breakout this week. Thanks to @bluefox1976 for pointing this one out a few weeks ago.
Like a lot of new alts, JTO spiked after listing and then went into a decline followed by a consolidation. We took a fib time zone from the 12/14/23 high to the 12/18 low and price pivots have aligned nicely. A small base formed between 1/3 and 1/8 with a breakout yesterday that lined up perfectly with the time zone.
I anchored a volume weighted average price anchored to 1/3 where the consolidation started. We'll look for this to hold as support, exiting if we fall 1 ATR below it. The purple AVWAP from the initial listing is likely to be an area of resistance and where I will take the majority of profit or potentially exit.
Note that the AVWAP from 12/14 was resistance during the decline. A lot of times we see a breakout from a consolidation form a bull flag before continuation. That AVWAP feels like an area that we could see that.
