I ❤️ ROSE - Trading Plan to new ATH This 4H close will be a critical!
My recent posts on ROSE have been following its price action closely, ROSE has withstood a big sell pressure the past 3 days holding above the 0.3 support and buyers are now regaining the upper hand and looking to close the 4H and the daily above the critical 0.32 level
If we close this 4H (which will also be the Daily) above 0.32 it will be very bullish. If ROSE can close near 0.33 it will also break above the 4H 50MA, which it has not been able to get above the past week, showing further confirmation to the upside
Trading Plan (updated from related idea):
Upside: we can see a global trend has now formed for this structure (which has now broken!). ROSE will need to break that trend (and has!) and the 0.32 resistance for the buyers to gain the upper hand (4H close will confirm!). I will be taking profits at the 0.35-0.36 neckline and adding on the pullback towards 0.32 and building my position further if we pierce through that neckline zone on the 4H retest. There is as the possibility of a descending channel resistance, but I think the trend and neckline are the primary points to watch. As soon as we break this neckline we will quickly markup towards the major neckline resistance of the weekly structure and towards a new ATH with this possible 260 day+ structure breakout (see related idea)
Obviously! if BTC tanks this will shift the dynamic as the market feels very flighty at the moment, and people will run for the doors. So this is my downside trading plan
Downside: If we break to the down side, I will be watching for a bounce first at the revisit to the 0.27, but the 0.23-0.21 is the optimal buy zone as this is the confluence of a high value area at 0.23 and the dynamic support ROSE has been following for the past couple of months. This is the zone I will be looking to really load up if we break down. Happy trading
