I ❤️ ROSE - Trading towards price discovery

Continuing my recent focus on ROSE, outlined in the chart is the structure I hope ROSE will hold, which will produce a very bullish bias towards price discovery in the coming weeks. I want to see ROSE retesting that 0.36-0.32 range before breaking upwards. I do not want to see rose trading on the daily below that 0.30-0.27 range, and waiting ergerly for it to break back above the 0.4 minor resistance and test the major purple trend which it has now attempted to break on two significant impulses up - I suspect if it holds this structure the next impulse will be the one which breaks it.

For those who have been following my trading plans with ROSE, this means I will be holding throughout this structure

If BTC runs down to 40k and below in a deep wick and ROSE follows I will be watching for the bounce from 0.23 zone (down to 0.2)

As usual, I will be updating this trade as it progresses updating profit targets and reversals, you can follow the thread for updates

Komentarz:

Will update entry ideas as they present themselves too. Currently would be looking at possible entry on revisit to the 0.34-0.32, or alternatively after clear reversal pattern.

Komentarz:

Remarkable weakness with BTC, and intense sell pressure occurring with ROSE within the last 24hrs. ROSE structure as outlined is still intact but definitely under threat. BTC relief rally is probable from this 40k range but I have seen little in the volumes or responses that suggests it is imminent. Will hold until the structure breaks down

A decisive break below 0.32-30 range will see me reducing my risk here

Komentarz:

We now have this handle structure to watch for further opportunity and confirmation of when to build or trim our positions.

Price has obeyed my charted support and possible buy zone well so far. I have been buying back in here and managing risk as noted above, I have a few more buy orders set around the 0.30 in case we see a wick down but I will be trimming my risk if we break decisively below the 0.32-30 range

I am Risk reward trading here from technical support and clearly trading against the trend, so risk management is a must. I see a decent probability of BTC (likely relief) rally and this will give the green light for ROSE to rally upwards too I suspect, as we still have many investors holding their positions despite some aggressive isolated selling to drive price down through supports. If BTC sells down from here below 41k we are very likely to see ROSE now follow down to the 0.30 and possibly lower as BTC continues down towards the 38-37k range.

Also, if my above trade plays out I will be adjusting my ideas around profit targets too, as I suspect we are yet to see the absolute bottom on BTC (volumes, open interest and market reactions are not yet convincing), if we see a BTC rally here it will likely get rejected from one of the significant supports turned resistance above (46k, 50k). This means we may be targeting the purple trend again, and take more time consolidating prior to break through. All we can do is follow the price actions as it develops.

Komentarz:

ROSE is breaking out of the handle pattern and crucially managed to hold above the 0.36 on the break. May get a further re-test on the 4H, be it's looking good

I don't like the state of the overall market currently, so I will be taking some profits if we show strength here.

Profit targets marked.
Watch the yearly open too, as that will be a level sellers may want to defend

Komentarz:

TP 1 hit
+31% from wick bounce
+24% from buy zone

Komentarz:

In my second TP zone,

+45.6% in spot so far from wick bounce

we've had a dream run up to this level, but I will be locking in some profit here.
If we break through this level I will look for an entry on the next leg up
Alternatively, rolling some of the profits back in on the pullback

Komentarz:

45mins until daily close, this daily candle is looking so good. Looking for it to close without wick above the yearly open, optimistically also above my major trend resistance (purple). If we can close above that level in a convincing way, now or in the near future, I will be looking at the next profit targets. Books showed some resistance around 0.5, but mid-term I will be targeting the 0.6-0.65 zone as the confirmation of cup and handle breakout and fib extension confluence. Will be watching the orderbooks closely for order clusters which might update this target when and if we get to it.

Komentarz:

ATH broken

Price discovery underway, good work ROSE

Komentarz:

ROSE is in the process of printing its 9th consecutive green 4H candle (!!)

4H RSI and OBV are almost vertical

Expecting a likely pull back and/or consolidation from 0.5 if we hit it
Will be watching the price action and order books closely

Komentarz:

0.5 target hit

+63.91% in spot since bounce

0.5 pull back confirmed

buying back in after break below ATH
on 8% pullback

Another buy order set at 0.45

Komentarz:

Here are my new levels of interest, drawing form the current order book structure

0.54-0.55 is a zone of interest
0.6 is my next significant target, and next major resistance

may take some quick scalp trades if I see them develop from the 0.54-0.55 range

Komentarz:

A few minutes away from our daily close

These 3 daily candles are incredibly bullish, almost no wick on the last two (assuming nothing dramatic occurs in the next 10mins)

And we have yet to see the volumes really peak, I suspect this is because we are seeing mainly buy volumes and less sell volumes as compared to the two previous impulses up visible on this chart (I will have to go though the volume data to confirm this)

It is not hard to imagine that we see a massive wick up on the next daily and then a possible pull back and consolidation. I will be placing a few sell orders at the 0.6 and 0.7 in case

BTC will have some say in this, another dip from resistance is not unlikely for BTC and this could put the breaks on ROSE unless it lucks-out as market leader and liquidity flows its way to produce a major pump. Lets see what the next daily brings

Komentarz:

Large node of orders located between 0.59-0.6

Good range to lock in some profit

Komentarz:

If we see no rally from the 0.49-0.5 (with a TP target of 0.55)
have to assume next stop will be the 0.45
(possible reaction from previous ATH at 0.46626)

I have the yearly open 0.42792-0.45 as my key target right now

If we close daily below yearly open I will be expecting a deeper retrace

Komentarz:

Strong bounce from the 0.49-0.50 zone
declining trend broken

Already in TP 1 between the 0.54-0.55

If we hold this breakout, and BTC holds support
Next target is the 0.60 again

Komentarz:

Trades active from 0.45

some further buy orders just above 0.43 in case of a dip

Will trim risk if we start trading below Yearly open (0.42792)

Komentarz:

BTC trying to defend the 40k
ROSE trying to defend the 0.41
Break down of both looks probable

Sellers have controlled the yearly open so far, and managed to close daily below a defended any hourly closes above
I have reduced risk but still holding some ROSE

If we lose the 0.41 will be looking at lower supports and watching BTC

Komentarz:

If BTC can hold this level looks like ROSE could recover strongly

Komentarz:

0.36-0.35 is my first buy zone

After this I am looking in the range sub 0.3

Komentarz:

ROSE looking to rally,

TP1 0.39-0.4
TP2 0.42-0.43

If we break back above that yearly open I will be impressed (and happy!)
That's bullish waters again

Komentarz:

Grabbed a tiny bit of profit just below 0.39 but got stopped out on the balance

ROSE order books are thick with orders all the way down through 0.3, millions of orders in every range.

At the mercy of BTC, will bounce hard with BTC
Maybe from here,
Maybe at 0.32
Maybe 0.3
perhaps lower

Though from my indicators I'm reading that BTC Daily RSI has not been this over sold since COVID crash, March 2020

Komentarz:

BTC looking like it could have another 5% drop before a chance of stabilization, as it seems to be failing this support

This may very rapidly take ROSE sub 0.30

Komentarz:

Got lucky with the sub 0.3 speculation
+18% bounce so far
closing some profit here as we are back under dynamic trend (support turned resistance)

Hoping we see Total2 rebound (even briefly) at this zone and carry alts and ROSE back up