FieryTrading

🔥 ROSE Fibonacci Analysis

Long
BINANCE:ROSEUSDT   ROSE / TetherUS
5 days ago I made an analysis on ROSE. Here I predicted that there was more room to grow for this token, main targets at $0.3 and $0.375.


Sadly, the price reversed a few percent before reaching the 1.618 Fibonacci extension . Nevertheless, ROSE made a huge move and keeps surprising us with gains.

For quite some time, the 0.5 Fibonacci retracement held and caused multiple reversals, although with less intensity. Last night, we dropped to the 0.618 retracement , which has caused the current move.

The 0.618 retracement is widely known as the 'golden' Fibonacci ratio, mainly for causing huge reversals around it.

At the time of writing, ROSE is seeing some resistance around the 0.382 retracement . With Bitcoin slowly crawling back up, I'm expecting a re-test of the current ATH in the coming week or so.

In case we go down, I'm expecting ROSE to find strong support around the 0.618 Fibonacci retracement , potentially reversing from there.

Happy trading!
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