Technical analysis by pollux3000 about Symbol JUP: Buy recommendation (11/17/2024)

Long term analysis JUPUSDT is a relatively new project which witnessed a powerful bullish wave in the first quarter of 2024. Since then a 8 month consolidation followed which is attempting a breakout move. On the weekly timeframe we have a golden cross, flat and narrow Bollinger band and a potential breakout to watch closely in order to take a good trade entry setupPost Breakout StrategyBuy on the break out of the 1.25$ resistance to play the potential explosive move upward corresponding to the Vth Elliot wave:Objective 1: back to ATH at 1.70$ (+35%)Objective 2: Vth wave extension around 4.50$ zone (+250%)Objective 3: Trend following strategyInvalidation Mental Stop: below the last low of 1.03$ If prices retrace to this level we will wait for the daily close price then set a Stop loss ¼ or Risk below the weekly close price.Our invalidation scenario was triggered and trade closed around 1$ We took a loss of 20% of this trade. Let's move on and focus on our next opportunities.