Az_am_I
Long

ARK - Break of Wedge

BITTREX:ARKBTC   Ark / Bitcoin
Ark has just broken the upper resistance of a wedge formation.

The wedge was formed by previous price action during its correction (A), resistance along the 77 SMA (white line; C) and contact with the 0.382 fib (D). The arc (lol) of the 235 SMA (purple; B) has formed on the 0.618 fib, while the 77 SMA appears to be flattening on the 0.5 fib (E). The RSI has also followed an arcing curve since the previous run.

In the mid term, I expect a break out to the 0.618 fib, to our first target at around 0.000589, before potentially moving to the 0.786 fib. For this second target I have taken the 235 SMA into account as potential resistance, resulting in a more conservative target of 0.000669.

Overall I think this chart is ready for another run, for potentially 4x Return from these levels. I am calling the bottom at 0.00045 (D). I will include charts of the previous runs to explain my reasoning for this in the comments.

Good luck!

Az .
Comment: Here is the first breakout run for comparison:

A: Support at the 0.382 fib
B: Arcing of the 235 SMA above the 0.786 fib
C: Flattening of the 77 SMA on the 0.5 fib

The next run began immediately after C

I draw my Fibonacci retracements from the upward cross of the 7 SMA over the 77, to the break down cross of the 7 back under the 77.
Comment: Second breakout run:

A and C: Support found lower here at the 0.236 fib
B: 235 SMA arcing at the 0.786 fib
C: Arcing of the 77 SMA near the 0.5 fib

Breakout occurred after the end of this snapshot.
Comment: The third and most recent run:

A: Support on the 0.382 fib
B: 235 SMA arcing at the 0.786 fib
C: 77 SMA arcing on the 0.5 fib

This is why I expect another breakout run soon.
Comment: Previous runs have been between 300 and 500% from break out to peak. We could potentially see another similar bull run in the near future.
Comment: Caveat: This is pending a lack of BTC breakout, which is just now starting to look bullish. Another breakout of BTC could drain the alts again and interrupt ARK in this pattern...
Comment: BTC just broke resistance. The pattern is now likely null and void.
Order cancelled: BTC running, alt coins taking a hit

Comments

Caveat: This is pending a lack of BTC breakout, which is just now starting to look bullish. Another breakout of BTC could drain the alts again and interrupt ARK in this pattern...
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thanks..
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Az_am_I PhillipPt
No worries @PhillipPt :)
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