Ark has held strong during the BTC breakout, and is looking ready to make another move while BTC consolidates.
The yellow dashed lines indicate a falling wedge, which was challenged at (A). Price then broke down, fell through support, recovered and broke out of resistance. This oscillating pattern has resulted in a sin wave formation of the 7 SMA (green line), around a central axis established by the 21 SMA (red line) on the 0.5 retracement fib (B). The 7 SMA has just broken away from the trough of the sin wave, while remaining supported by the top of the wedge (C). During this period, price was strongly supported by the bottom of the wedge on the 0.382 fib. We should soon see a slingshot effect created by this wave dissonance while BTC consolidates and money flows into the alt market.
We are currently in the buy zone, price should fluctuate a little before breaking out, so a good entry point is around 0.000465, stop loss should be set below the wedge support line, under the local big even of 0.00045. First target is just under the 0.618 fib at ~0.000589, second target is under the 0.786 fib at ~0.000685.
Good luck!
Az.
The yellow dashed lines indicate a falling wedge, which was challenged at (A). Price then broke down, fell through support, recovered and broke out of resistance. This oscillating pattern has resulted in a sin wave formation of the 7 SMA (green line), around a central axis established by the 21 SMA (red line) on the 0.5 retracement fib (B). The 7 SMA has just broken away from the trough of the sin wave, while remaining supported by the top of the wedge (C). During this period, price was strongly supported by the bottom of the wedge on the 0.382 fib. We should soon see a slingshot effect created by this wave dissonance while BTC consolidates and money flows into the alt market.
We are currently in the buy zone, price should fluctuate a little before breaking out, so a good entry point is around 0.000465, stop loss should be set below the wedge support line, under the local big even of 0.00045. First target is just under the 0.618 fib at ~0.000589, second target is under the 0.786 fib at ~0.000685.
Good luck!
Az.
Comment:
The USD chart is also looking very promising. I have hidden the candles to highlight the moving averages only. The 7 SMA has just crossed the 77 (first circle), and the 3 shortest SMAs have all come together right on the 0.786 retracement fib (second circle), which has been very strong support/resistance in this chart.
Trade active:
I forgot to indicate an active trade, I bought in at around the time I published this idea at the entry point indicated on the long position.
Comment:
After BTC entered an ascending triangle, causing alts to take a dive (A), Ark formed a short term triangle. Considering the overall strong TA for Ark, this is likely to break upwards towards our target. (B) indicates the end of the triangle, as you can see the moving averages are tightening on the 21 minute chart, a decision will be made soon:
Trade closed: stop reached:
I'm still bullish on this coin long term, but BTC is playing by its own rules and all trading pairs will march to its rhythm for a while