JASMY/USDT WCA - Cup and Handle Reversal Pattern
Hello and thank you for taking the time to read my post. Today, we analyze the chart of JASMY/USDT on the weekly scale, focusing on an interesting price pattern known as the "Cup and Handle Pattern." This pattern suggests that JASMY/USDT could be signaling a potential bottoming and reversal after a downtrend.
Cup and Handle Pattern:
The cup and handle pattern is a bullish continuation or reversal pattern that occurs in both uptrends and downtrends. It is characterized by a rounded bottom, called the "cup," followed by a smaller consolidation, called the "handle." The pattern is completed by a horizontal line, known as the breakout level, which connects the high points of the handle. In a nutshell, the formation of the cup and handle pattern signals a potential continuation or reversal of the current trend.
Analysis:
Since 20/11/2021, JASMY/USDT has undoubtedly been in a downtrend. However, the cup and handle pattern on the chart could indicate a potential bottoming signal and reversal of the downtrend. As classical chart analysts, we can immediately recognize this pattern, with the rounded bottom forming the "cup" and the smaller consolidation forming the "handle." A horizontal line at 0.007931 serves as our breakout level, which we want to see surpassed.
It's important to note that the 50 EMA is still far from signaling a bullish environment. Therefore, it is crucial to carefully study and observe the price pattern. However, if a breakout occurs above the horizontal line, we can expect a price increase of approximately 65%.
Conclusion:
The JASMY/USDT chart analysis highlights the cup and handle pattern as a potential bottoming signal and reversal of the ongoing downtrend. Traders should closely monitor this pattern and the breakout level for any signs of a breakout. As always, it's essential to consider risk management and proper position sizing when trading based on chart patterns.
Please note that this analysis is not financial advice. Always do your own due diligence when investing or trading.
If you found this analysis helpful, please like, share, and follow for more updates. Happy trading!
Best regards,
Karim Subhieh
Cup and Handle Pattern:
The cup and handle pattern is a bullish continuation or reversal pattern that occurs in both uptrends and downtrends. It is characterized by a rounded bottom, called the "cup," followed by a smaller consolidation, called the "handle." The pattern is completed by a horizontal line, known as the breakout level, which connects the high points of the handle. In a nutshell, the formation of the cup and handle pattern signals a potential continuation or reversal of the current trend.
Analysis:
Since 20/11/2021, JASMY/USDT has undoubtedly been in a downtrend. However, the cup and handle pattern on the chart could indicate a potential bottoming signal and reversal of the downtrend. As classical chart analysts, we can immediately recognize this pattern, with the rounded bottom forming the "cup" and the smaller consolidation forming the "handle." A horizontal line at 0.007931 serves as our breakout level, which we want to see surpassed.
It's important to note that the 50 EMA is still far from signaling a bullish environment. Therefore, it is crucial to carefully study and observe the price pattern. However, if a breakout occurs above the horizontal line, we can expect a price increase of approximately 65%.
Conclusion:
The JASMY/USDT chart analysis highlights the cup and handle pattern as a potential bottoming signal and reversal of the ongoing downtrend. Traders should closely monitor this pattern and the breakout level for any signs of a breakout. As always, it's essential to consider risk management and proper position sizing when trading based on chart patterns.
Please note that this analysis is not financial advice. Always do your own due diligence when investing or trading.
If you found this analysis helpful, please like, share, and follow for more updates. Happy trading!
Best regards,
Karim Subhieh
KSC
