Technical analysis by couldntcomeupwithone about Symbol JASMY: Buy recommendation (8/11/2024)

JJASMY has a confirmed hidden bullish divergence on the weekly chart. There is a also a case to be made for a double hidden bullish divergence, although the previous one may have already played out. Hidden bullish divergences are more effective than regular divergences because they are a trend continuation signal. The hidden bullish divergence shows us that even though RSI made lower lows, the price held the gains made in previous sessions (higher lows). In other words: RSI has reset to lower levels, while price is higher, which means the RSI has more room to run up from a higher starting price point. Looking at the broader market, we can say that crypto is still in a bullish uptrend, which only adds to this signal's strength. As a general rule of thumb; the longer the timeframe, the more significant the signal. The weekly timeframe is a LONG timeframe, so this confirmed hidden bullish divergence for #JASMYUSD can be considered as a very strong signal to go long or to add to your long-term spot positions. Furthermore, there is a case to be made for a clear corrective A-B-C structure since the recent highs around $0.044. If this is the case, than expect #JASMY to run hard and fast once the market regains strength.