Chillbo Swaggins expresses a strong stance on JasmyCoin (JASMY), countering widespread fears about a potential price collapse. The analyst notes that many traders are fixated on a seemingly big scary looking head and shoulders pattern, suggesting a drastic downturn. However, he questions this outlook, particularly in light of Bitcoin’s impending bullish run, which he believes is imminent.
The Ongoing Bearish Outlook
In his analysis, Chillbo notes the current market dynamics and technical indicators for JASMY. He points out that while the weekly chart reveals a descending triangle pattern characterized by lower highs and a horizontal support line, this pattern alone does not guarantee a bearish outcome.
He emphasizes the importance of the consistent higher lows observed on higher time frames, which may indicate underlying strength despite the prevailing bearish sentiment.
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The analyst also discusses the relative strength index (RSI) on the weekly chart, which shows a declining trend. He suggests that a reversal could be on the horizon if the RSI begins to rise from its oversold conditions.
This potential for upward momentum is bolstered by the daily chart, where JASMY has formed a double bottom at the crucial $0.016 support level. This pattern often signals a potential reversal, particularly if JASMY can break above the descending resistance line.
Bitcoin Bull Run to Raise JASMY Price
Chillbo acknowledges the valid concerns regarding the head and shoulders pattern, as it traditionally signals a trend reversal to the downside. However, he counters this bearish sentiment by arguing that the anticipated bullish phase for Bitcoin could lift other cryptocurrencies, including JASMY.
He believes that if Bitcoin experiences a significant rally, it is likely to exert a positive influence on JASMY’s price movement, diminishing the possibility of a substantial breakdown.
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Show more +Potential JASMY Bullish Triggers Identified
Key support is identified at the $0.016 level, which has shown resilience against further declines. A bounce from this support, in conjunction with the double-bottom formation, may indicate bullish potential in the near term.
Additionally, a breakout above the upper boundary of the descending triangle on both the daily and weekly charts would invalidate the bearish implications and likely attract more buyers.
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