ROSE — Looks Like A Proper Breakout
More and more altcoins have started to print super -exciting charts. ROSE is one of them. Let's dive in and see how a potential trade could be tackled.
1️⃣ Background
ROSE broke out of its downtrend that started in June. More importantly, the breakout was driven by substantial volume. Even better, ROSE cleared the key resistance at $0.068 after the breakout. That's the stage we want for the next move.
2️⃣ How To Approach It
- Entry: A close above $0.068 on the 12h or 1D chart should serve as a proper entry.
- Target: The next logical target is $0.088, which aligns with the next resistance zone. Depending on the exact entry, this leads to a profit of ~23%. Therefore, adding an additional target on the way up might be reasonable.
- Stop: Set the stop just below $0.068 to manage risk in case the setup fails.
1️⃣ Background
ROSE broke out of its downtrend that started in June. More importantly, the breakout was driven by substantial volume. Even better, ROSE cleared the key resistance at $0.068 after the breakout. That's the stage we want for the next move.
2️⃣ How To Approach It
- Entry: A close above $0.068 on the 12h or 1D chart should serve as a proper entry.
- Target: The next logical target is $0.088, which aligns with the next resistance zone. Depending on the exact entry, this leads to a profit of ~23%. Therefore, adding an additional target on the way up might be reasonable.
- Stop: Set the stop just below $0.068 to manage risk in case the setup fails.
I'm Ben. Crypto lover, trader, and coder.
Join my free newsletter for insights and the hottest trade setups every weekday!
newsletter.bencrypto23.com
🔥 For exclusive content: newsletter.bencrypto23.com/exclusive
Join my free newsletter for insights and the hottest trade setups every weekday!
newsletter.bencrypto23.com
🔥 For exclusive content: newsletter.bencrypto23.com/exclusive
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.