Continuing my analysis on ROSE, possible falling wedge in formation. BTC is pressing lower support so we might anticipate a drop or an impulse up.
If we fall further I am watching two key points:
a possible falling wedge bounce at the minor support around 0.24
If we see a serious impulse down, 0.23 has acted as good support but will be looking to deeper support around the 0.20 level, targeting 0.27 on the bounce
Impulse up we can anticipate strong resistance again around the 0.3 and potential declining trend confluence, this will be my profit target
(BTC sideways consolidation will likely be favorable for ROSE too).
Will update on Macro formation as it develops further
If we fall further I am watching two key points:
a possible falling wedge bounce at the minor support around 0.24
If we see a serious impulse down, 0.23 has acted as good support but will be looking to deeper support around the 0.20 level, targeting 0.27 on the bounce
Impulse up we can anticipate strong resistance again around the 0.3 and potential declining trend confluence, this will be my profit target
(BTC sideways consolidation will likely be favorable for ROSE too).
Will update on Macro formation as it develops further
Note
Closing some profit at 0.27
Next target 0.30-0.31
+10% since bounce, 6% from breakout
Note
Next profit target hit at 0.30
+22.05% since support bounce
Possible declining trend break, further target zones marked
Note
ROSE profit target hit
+41.2% in spot
Approaching critical neckline again, meaning this zone is an important place to both take profit (sellers will defend) and watch for breakout confirmation for the next impulse up
Note
Profit target 3 hit
+74.99% in spot
Bull flag forming on LTF, if it breaks up
next target is ATH and teal trend confluence, targeting 0.466
If BTC pulls back towards 42k I will be watching 0.36 neckline support and the 0.33-0.32 weekly open and support zone
Note
Big cluster of orders across order books between 0.45-0.46
I am taking some more profit in this current range - my approach as per usual with ROSE is to use this to build my position on the pullback, if we see one
If buyers do pierce this cluster I suspect price will mark up quickly towards 0.49-0.5
with 0.5 being the next major resistance (assuming order books remain structured as they are)
Note
As anticipated we have a pullback from the 0.45-0.46 zone, as noted above.
I am adding back a little to my position at this 0.4 range, as it is an area of interest and I am just rebuilding from profits already taken. ROSE may continue to show strength from this level
But historically, we may see a deeper retrace back into the 0.329-0.36 range and this is where I will place some further buy orders
Note
If ROSE holds above this 0.4 level in the coming days and finishes the week above the yearly open at 0.42792 that will obviously be super bullish. This would be an exceptional circumstance I do suspect if we revisit the 0.32-0.36 range, we will bounce and build from there. It is a zone now of significance on many time frames. 0.618 fib as above, 0.5 of the previous monthly candle, neckline support of the inverted H&S
A daily close below 0.383 would confirm a retrace to these lower levels for me
Note
Buyers so far have held the 0.4 zone well, but there is selling pressure at this possible trend line break down. Hoping that we hold above this level and squeeze toward ATH
But a significant break below structure as marked will see a likely revisit to the lower zones mapped on chart
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.