Breaking out of downward channel. Finished 5th wave + AB correction, moving upward along C out of the downward channel. Stoch RSI moving up, MACD weekyl about to cross. Weekly RSI pushing oversold but now trending up. Strong bullish divergence on the Daily. Found solid support at the expect demand zone, forming a beautiful double bottom before closing above the upper resistance line. I outlined the first three targets on the chart.
Couple these strong technicals with the fundamentals of the ARK project. This was a project that had a lot of people excited and has been around for a couple years. Hype started to die down as we waited for functionallity to be pushed out. Now the long awaited V2 update is near completion. Couple this with the SDK and ARK Pay modules being completed by EOY and we have a strong development release set up in the near future. Many projects have gone silent or died during this bear market, but the ARK team has been steadily communicating and pushing updates, without becoming deterred. ARK has a promising future and this may be the cheapest we see of it. Remember that ARK has been operating on a DPOS model successfully for a while, and that anything you buy will also earn you staking rewards.
If we see a reversal of this new uptrend, and find ourselves in a Bull trap, I also marked the lowest support level. If we fall below the double bottom, I would personally sell until we reach this lower level.
My personal opinion, not financial advice
Couple these strong technicals with the fundamentals of the ARK project. This was a project that had a lot of people excited and has been around for a couple years. Hype started to die down as we waited for functionallity to be pushed out. Now the long awaited V2 update is near completion. Couple this with the SDK and ARK Pay modules being completed by EOY and we have a strong development release set up in the near future. Many projects have gone silent or died during this bear market, but the ARK team has been steadily communicating and pushing updates, without becoming deterred. ARK has a promising future and this may be the cheapest we see of it. Remember that ARK has been operating on a DPOS model successfully for a while, and that anything you buy will also earn you staking rewards.
If we see a reversal of this new uptrend, and find ourselves in a Bull trap, I also marked the lowest support level. If we fall below the double bottom, I would personally sell until we reach this lower level.
My personal opinion, not financial advice
Comment:
Bull flag forming. Watch for breakout.
Comment:
Broke resistance, moving upward. This candle will ideally close above the resistance line.
Comment:
Breakuot attempts fail to close above resistance line. Bearish cross on the Stoch. Moving to bottom of flag at least once more. Still watch for a close above or below the flag to confirm movement. 1 week left until convergence so it will be making up its mind soon.