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.
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sgmiedema
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HI, since I'm kind a noob. Can we say your predictions did not came trough, yet? And that it's now testing the support. Or is this what you call fully broken?
CryptoPAMM
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@sgmiedema, please read the description... last sentence: "Only a break and close below the $2.8 could invalidate bullish outlook."
sgmiedema
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@hitech, Darn. Must have overlooked it. Still dazzling about all the numbers and indicators. Thanks for your comment. I'll try to keep up fast ; )
UmerDurrani
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I am loving it. Thank you so much for sharing such an in depth analysis. I would appreciate follow ups later as we proceed.
CryptoPAMM
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@UmerDurrani, thank you..... of course, just don't forget to ask, or i can forget to update :)
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