On the 14th of September Ark has produced an all-time high, hitting $4.6 mark. Since then ARK/USD has declined slightly and has been in consolidation mode, trading between $2 support and $3.2 resistance.
On the 3rd of November Ark broke above the downtrend trendline, and then above the 200 Moving Average. Clearly, the price started to produce higher highs and higher lows and stayed above the 200 MA consistently.
Looking at the Fibonacci, applied to the corrective wave after the downtrend trendline breakout, the 127.2% and 327.2% resistance levels were penetrated and then acted as support. Yesterday Ark rejected the 327.2%, that is $3.8 and immediately produced an all-time high, hitting $4.95.
As the trend remains bullish a continuation of it should be expected. First upside target is seen at $6.2, that is where two Fibonacci are inline with each other. 827.2%, and 161.8% Fibs applied through Sep - Nov corrective wave down. Only a break and close below the $2.8 could invalidate bullish outlook.
On the 3rd of November Ark broke above the downtrend trendline, and then above the 200 Moving Average. Clearly, the price started to produce higher highs and higher lows and stayed above the 200 MA consistently.
Looking at the Fibonacci, applied to the corrective wave after the downtrend trendline breakout, the 127.2% and 327.2% resistance levels were penetrated and then acted as support. Yesterday Ark rejected the 327.2%, that is $3.8 and immediately produced an all-time high, hitting $4.95.
As the trend remains bullish a continuation of it should be expected. First upside target is seen at $6.2, that is where two Fibonacci are inline with each other. 827.2%, and 161.8% Fibs applied through Sep - Nov corrective wave down. Only a break and close below the $2.8 could invalidate bullish outlook.
Comment:
Ark at the support
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should be ready now to move towards the target
Trade closed: target reached
Comment:
Resistance broken, going higher
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No resistance acted as support!
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