$ASM looks to be forming a bottoming structure. I created this blue trendline as I think this will be the resistance that needs to break in order for the upside targets of $.08 and $.13 to be in play.
That said, I think in the near term there are two possible scenarios that I'm looking at, ASM:
1. Pumps straight to the $.052-.058 range
2. Retests the $.03...
$ASM looks like it's setting up for a fall lower. I think we're likely to see price fall to the lower supports from here ($.018-$.036) before bouncing back to $.14 later in the summer.
Be careful from here, and if you're bullish, set tight stops.
I think this will be a great trade once it hits the bottom supports for ~7x gain.
$ASM has just completed a downtrend by breaking out of this pattern and retesting it.
Next stop, $.-15-.$18 to retest resistance.
Let's see how it plays out over the coming weeks/month
In my last analysis, I showed the path for how we could get to $.20, however, I've since changed my view that we'll go higher from here and am expecting lower prices before we get up there.
I had initially thought that BTC would bounce higher from here, thus thinking that $ASM would bounce with it, however, now my base case is that BTC will fall from here, and...
ASM looks like it's in the process of finding a short term bottom around this $.088 range. I could potentially see a capitulation move down to $.082 at the lowest... Then we should see a reversal next week around Dec 21st with a move back up to the top of the structure around $.204-.214.
Let's see how it plays out from here.
Dates on the chart important dates...
ASM Assemble Protocol was recently listed on Coinbase, has a market cap of only $67Mil and it is forming higher highs and higher lows on the 1h timeframe, which is extremely bullish it it keeps the trend.
It has a strong daily volume, $38Mil.
The all time high was $0.645, so almost 7X from here.
Projects listed on Coinbase tend to retest their all time high...
