UPDATE: Ark - Technical Analysis - new all-time-highs (ATH) incoming?
Believe it or not, a few hours (perhaps 4) after I wrote yesterday's Ark analysis and hypothesis, news headlines started doing the rounds to say that South Korea (one of the biggest buying markets from cryptocurrency in the world) was going to ban cryptocurrency and shut down exchanges.
Turns out it was all bit of a misunderstanding or what we in the cryptocurrency market like to call....FUD...not entirely FUD I guess, but come on.....
Anyway, I've been researching more and found THIS POST from when China banned ICOs and Bitcoin exchange trading on September 15th 2017 and it happens to show the 7 day price for Ark back then with 41.2% gains (was actually turning to decline by then).
Based on positive returns to the market after this news acting as a catalyst, I believe that if we see the pattern below start to complete within the next 4 weeks, the price of Ark is likely to reach new ATHs. Around the the 25th January is where I feel the gains will most likely occur.
For me to gain more confirmation on this, I'll be looking for a very similar chart pattern to the one shown by the orange arrows below (dip straight down then start to climb up steadily at first and increasing to near vertical), combined with ARK trade volumes of over $45,000,000 USD and gaining momentum as it gains in upward in direction.
Daily chart and Technical Analysis for current Ark price trend
This post only contains my views and opinions and is not financial advice. You should always do your own research and only invest what you can lose to afford.
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OMG! This is SUCH an AMAZING post! Thank you for sharing! I gave you a vote!!
Thanks! Much appreciated!
Wonderful analysis there, i also agree with your predictions...
good post @cryptomagic
Thanks man! appreciate the message! Cheers @jephline
Genuis. How do you do it?. Seriously how?
Thanks for sharing. We recently added ark to our crypto symbol watch list..But the api that runs it is down!
Thanks @steemthat! What is it you're trying to do? Hopefully I can help!
Which platform are you using to chart like this? On your post from yesterday https://steemit.com/cryptocurrency/@cryptomagic/ark-technical-analysis-100-increase-incoming-where-do-i-think-we-are
I see it now in it is very small. You are using Bittrex. I have an account there but never really done much. Must try it out. Thanks for sharing.
So the first image with the fractals showing repetitive price movement was in TradingView. Trading view is my favourite charting tool. You have to pay to get sufficent features and be able to save and compare charts, but if you're seriously trading, it's worth every penny.
The second image where I compared BTC data to Ark, was just me taking screenshots of both charts from Bittrex then measuring them up and putting them together in Windows paint. I do love that comparison, but the updated one I make, I'll most likely just make it direct from TradingView.
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