Ark starting to look strong
Ark has found the bottom at $1.77. That is 127.2% Fibonacci retracement level applied to the corrective wave up after the uptrend trendline breakout. The support has been rejected cleanly, and the bullish divergence was formed on the RSI oscillator. The following wave up resulted in break above the downtrend trendline which could be the trigger for the strong move upwards.
The strong resistance is seen at 50% Fibonacci retracement level that is $6.7, and a potential 150% rise from the current price. Break and close above the resistance should confirm strong uptrend, while rejection could result in a consolidation or a correction down.
On a downside, break and close below the $1.7 support should extend the consolidation and could send price lower.
Author
Viktor Karapetjanc
Crypto Post
Viktor is a Chief Editor, veteran currency trader. He started his trading career in 2001 when he began to study Forex and Binary options trading techniques. Not long after he became a trading systems engineer and algorithmic trading guru.
