π #ROSEUSDT remains confined within a descending channel, underscoring the ongoing downtrend. Yet, a noteworthy development is its recent rebound from the channel's bottom, essentially bouncing off the support trendline.
π Concurrently, there's a clear rejection at the 127.2% Fibonacci support, pegged at $0.0357. These bullish indicators merit attention, hinting at a potential robust upward correction.
π However, we term it a 'correction' since a genuine trend reversal demands more substantial evidence. A pivotal sign would be breaking above the descending channel. For now, we anticipate an upward correction, contingent on the price surpassing the supply zone around $0.0457.
π If achieved, this resistance could transform into support, paving the way for bullish action. In such a scenario, the target might be the channel's top, aligning with the 38.2% Fibonacci resistance.
π Conversely, if the proximate supply zone remains intact, the bearish risk persists. A definitive descent below the channel would signal a prolonged downtrend.
π Concurrently, there's a clear rejection at the 127.2% Fibonacci support, pegged at $0.0357. These bullish indicators merit attention, hinting at a potential robust upward correction.
π However, we term it a 'correction' since a genuine trend reversal demands more substantial evidence. A pivotal sign would be breaking above the descending channel. For now, we anticipate an upward correction, contingent on the price surpassing the supply zone around $0.0457.
π If achieved, this resistance could transform into support, paving the way for bullish action. In such a scenario, the target might be the channel's top, aligning with the 38.2% Fibonacci resistance.
π Conversely, if the proximate supply zone remains intact, the bearish risk persists. A definitive descent below the channel would signal a prolonged downtrend.
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Follow a team of traders with 10+ years of experience?
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