Jupiter Has the Potential to Breakout

The cryptocurrency market is currently experiencing a slowdown after a strong bullish run. This shift might leave investors wondering whether to sell, hold, or buy more.

At BITmarkets, we stress the importance of sticking to proven trading strategies to avoid costly mistakes that could diminish potential profits. So, what is the smartest approach in this scenario?

4-hour time frame analysis

JUPUSD - 4 Hour Time Frame

From a technical standpoint, the current pullback is a natural part of the market’s price evolution, and there are no fundamental indicators signaling the need to exit buying positions.

Notably, Jupiter has reached the 0.5 Fibonacci level, which marks the division between the Premium and Discount zones. This level offers a prime opportunity to consider adding to your buying positions at a more attractive price, enhancing the potential for portfolio growth.

Jupiter price target

Since the buying setup is not yet complete, it’s essential to monitor two critical zones outlined in the attached chart. The first is the resistance zone, which will act as a confirmation point for buying positions if the price closes above it.

The second is a support zone that initiated the previous bullish movement. A revisit to this support level could provide an even more advantageous entry point, allowing you to buy at a more favorable price.

By exercising patience and carefully observing these zones, you can make more informed decisions and optimize your trading outcomes.