ARK / BTC technical analysis [BINANCE]

ARK / BTC technical analysis [BINANCE]

By MrBullishSail | TA crypto market | 7 May 2019


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ARK seen from the temporality of 1M we have a structure of the accumulation scheme wickoff, the current candle is very close to the support located at 755, this support has not been tested since November 2018, it will be interesting to see how the price reacts to reach that level, could make a double floor and take bullish momentum to take us to the nearest resistance located at 854, even, to reach the resistance of the AR point located in the 1183, if the price marks us a minimum below the 755, the price of could precipitate towards the price range of the 271 - 179, this zone I have indicated it like zone of demand based on the tool of fibonacci, of taking place this scenario, the LL that marks us in this point will be the ST as SOW of the scheme, which means that we could take more than 500% of profits if we enter in long in this point.

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ARK seen from the temporality of 1W, we can see more clearly the downtrend than take the price from the beginning of April, the candle passed close below the support located at 854 giving a signal of sale for the bulls, this has caused the current candle has been rejected by that level producing a rapid retreat, I must point out here that the current candle is forming a gravestone doji, this type of candle occurs when the price can no longer hold at high price levels, which produces a much greater downtrend. The candle is still in a very early stage to know exactly how it is going to end in its closing, however, for the moment is the data we are receiving as traders, after all we make decisions based on the action of the price that draws us the graph of each currency.

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ARK seen from the 3D temporality we have the same fractal, the current candle is forming a gravestone doji, this candle indicates a future downward movement.

ARK Currency Details

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More info:https://info.binance.com/en/currencies/ark

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In conclusion, if the support located in the 755 manages to support the price of ARK and test it correctly, we could enter long positions at that point, otherwise, it is very possible that the closing price below the support, we pullback towards the 755 and the price falls precipitously to the area of demand indicated in the chart.

 

We must wait for confirmation from the candles and find our best entry. Pay close attention to the closing of the daily candle and watch the price reaction for the next few days.

 

Take profits:

TP1: 1183

TP2: 1404

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

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MrBullishSail
MrBullishSail

Technical Market Analyst Crypto trader Website: https://www.buymeacoffee.com/XCdmEAZnD Twitter: https://twitter.com/armijogarcia


TA crypto market
TA crypto market

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