I (still) ❤️ ROSE - post crash trading plan
ROSE has seen a strong pullback with the rest of the market, but unlike many alts the overall marco bullish trend remains intact (for now), this trend is indicated by the heavy teal line on the chart. The trend was threatened yesterday but structurally we can see that it is likely the long term traders rather than trend traders who have been stepping in and using marco indicators to buy ROSE at a discount, as we see ROSE tapped a weekly doji open and saw a strong rebound from this level.
This rebound for me is a definite sign of health, though we a not out of the woods yet. For now I will be watching to see if ROSE can consolidate above the macro trend, revisit the new declining trend before finding further support to the low side for another move up. RSI is showing a nice historical rejection level, though it is not unlikely that we see a double bottom on the RSI before price reversal. Note also that daily MACD is now printing a nice hidden bullish divergence
On the downside, if the macro trend breaks I have marked out a zone of interest for me, which is confluent with a monthly doji, and so a monthly resistance area, and a weekly doji open again indicating a high value area, around 0.17. We also have the 0.19 resistance level above this which might also be a good point of rejection, so that makes this zone between 0.17-0.19 a key area for me to watch.
A word on BTC: Obviously BTC will dictate much of the market direction, but I am optimistic about BTC too, as much of the open interest has been flushed out of the market and data suggests that a huge accumulation has been taking place from small hands to big, it too can still revisit the low 40s but I am liking its current rejection above the 47k. As I said in my previous posts about BTC, a big wick into the 40s was not out of the question, we just have to be responsive to price action from here, make plans for all possible market directions and follow them. This move was a lot more aggressive than I anticipated but Market makers have flushed a lot of leveraged traders out of the market and this is not a bad thing for the market - I noted in my previous BTC trading plan I would be buying wicks into this zone and have been. I am still confident in the overall market direction, though there will likely be an opportunity to revisit the lows for both BTC and ROSE, so there is a need to be super diligent with risk management as there is still selling pressure and we should be following the LTF for confirmation of a shift back into a phase of bullish momentum.
I'm holding for now, and accumulating at zones of interest and will open larger swing trades when a market reversal seems apparent
This rebound for me is a definite sign of health, though we a not out of the woods yet. For now I will be watching to see if ROSE can consolidate above the macro trend, revisit the new declining trend before finding further support to the low side for another move up. RSI is showing a nice historical rejection level, though it is not unlikely that we see a double bottom on the RSI before price reversal. Note also that daily MACD is now printing a nice hidden bullish divergence
On the downside, if the macro trend breaks I have marked out a zone of interest for me, which is confluent with a monthly doji, and so a monthly resistance area, and a weekly doji open again indicating a high value area, around 0.17. We also have the 0.19 resistance level above this which might also be a good point of rejection, so that makes this zone between 0.17-0.19 a key area for me to watch.
A word on BTC: Obviously BTC will dictate much of the market direction, but I am optimistic about BTC too, as much of the open interest has been flushed out of the market and data suggests that a huge accumulation has been taking place from small hands to big, it too can still revisit the low 40s but I am liking its current rejection above the 47k. As I said in my previous posts about BTC, a big wick into the 40s was not out of the question, we just have to be responsive to price action from here, make plans for all possible market directions and follow them. This move was a lot more aggressive than I anticipated but Market makers have flushed a lot of leveraged traders out of the market and this is not a bad thing for the market - I noted in my previous BTC trading plan I would be buying wicks into this zone and have been. I am still confident in the overall market direction, though there will likely be an opportunity to revisit the lows for both BTC and ROSE, so there is a need to be super diligent with risk management as there is still selling pressure and we should be following the LTF for confirmation of a shift back into a phase of bullish momentum.
I'm holding for now, and accumulating at zones of interest and will open larger swing trades when a market reversal seems apparent
Nota
ROSE has validated trend, watch for breakout. Possible we get one more pullback before pushing up. Wanting a 4H to retest above trend and the 0.27, then I will be activating a trade targeting primarily TP1, but with TP2 and TP3 as outside possibilities. Expect BTC to relief rally soon which will be a green light, but likely limited to 54k range before another test of lows. This is why I am focused on TP1 with ROSE
Nota
Profit Target 1 hit +12.5%
Nota
My order at 0.28 sadly didn't get filled despite price touching it, so reloaded manually from 0.285 - dishing out some more profit here - but ROSE is looking strong!
Nota
ROSE +16% since 4H retest. Back in profit zone 1, again good to lock in profit incase BTC takes another dive (possible bear flag on BTC but big volume at local dip)
I'm taking profit and setting some buy orders just above 0.29
Nota
Breaking local trend. Profit targets still valid
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