ðĨ ROSE Bearish Price Action: More Pain Ahead
Around two weeks ago I made an analysis on ROSE where I discussed the bearish break out from the ascending wedge pattern. I argued that there was more downside ahead and indicated an area of support where I expected either a consolidation or a bullish reversal.
As of yesterday, we've achieved both profit targets. Congratulations if you took the trade.
For now, I think we can expect some sideways price action for a couple of days. At least until Wednesday, since we have the FOMC interest rate decision then.
However, longer-term I'm still bearish. I think that ROSE can easily fall another 50% or so if BTC continues it's path towards $30k.
As of yesterday, we've achieved both profit targets. Congratulations if you took the trade.
For now, I think we can expect some sideways price action for a couple of days. At least until Wednesday, since we have the FOMC interest rate decision then.
However, longer-term I'm still bearish. I think that ROSE can easily fall another 50% or so if BTC continues it's path towards $30k.
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