Ark: upward channel needs to crack short term resistance
Updated
Ark has seen a nice upward run. As often the acceleration of the upmove (taken Ark out of the upward channel on the upside) also signaled the temporary end of it. Ark fell back in to the channel, all the way to the bottem of it, where yesterday it found support (green oval).
The RSI-indicator never came close to oversold condition (not even on the 1 hour candles), meaning there is enough faith in the market Ark can overcome the drop.
Now price has to break the current resistance line (red) to take Ark back to the top of the upward channel. I wouldn't bet on new ATH's (0.0012+) soon but somewhere around 0.001 seems very possible.
The RSI-indicator never came close to oversold condition (not even on the 1 hour candles), meaning there is enough faith in the market Ark can overcome the drop.
Now price has to break the current resistance line (red) to take Ark back to the top of the upward channel. I wouldn't bet on new ATH's (0.0012+) soon but somewhere around 0.001 seems very possible.
Trade closed manually
Weak bounce and lot of pressure on the bottem line of the chanel. Might break, better safe than sorry!Note
Closing seems to have been the smart move, breakout on the downside now has been backtested, adding to the risk of further pricefallingNote
I read people are allready getting back on the Ark train.. to me it seems a bit too early.. allthough RSI has broken short term resistance, price has not yet!Note
Allthough we have some horizontal supportzones here.. I want to see price make a lasting break of short term resistance.. for now still no reason to get back on the train.
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