My last post on ARK was in response to the upward break of the previous triangle. Unfortunately, BTC broke out only minutes after this move, causing many alts, including ARK, to dive. After a break of support, we also had a break of the 0.382 fib. Another triangle was then formed with the 21 SMA (red) as the resistance. Also note that the previous triangle had the 77 SMA (white) as resistance.
This second triangle was just broken with a rapid spike in price, breaking both the 21 and 77 SMAs as well. Ark has a reliable pattern of consolidation after drastic moves like this, so I expect price to pull back around 50% of this climb to return to around 0.00046-0.00047 for an entry point. Stop loss should be placed below the triangle at ~0.000415, with a 20% target at the 0.618 fib under 0.00058.
Az.
This second triangle was just broken with a rapid spike in price, breaking both the 21 and 77 SMAs as well. Ark has a reliable pattern of consolidation after drastic moves like this, so I expect price to pull back around 50% of this climb to return to around 0.00046-0.00047 for an entry point. Stop loss should be placed below the triangle at ~0.000415, with a 20% target at the 0.618 fib under 0.00058.
Az.
Trade active:
Touch 0.00047
Comment:
Price touch down on the 21 SMA (Red). The question is, will the 7 SMA (green) find support on the 77 (white)?
Comment:
Well, the answer was no, it won't. But the trade is still active and we found support on the .362 fib
Comment:
Strong support found on the 0.382 fib, wave pattern of 7SMA suggests potential point of harmonic resonance to result in a sling shot to the .5 fib, hopefully to the 0.618 next.