ARK Consolidation on 15min Timeframe
Updated
Earlier today, ARK jumped from 25k -> 28k. Why did this happen?
Aside from whale activity, it could be related to this double-bottom shown here coupled with an oversold bounce.
After the run up, ARK is currently trading in an equilibrium pattern between 24.2k and 25k.
Look for a break of resistance for bullish signals.
I'm currently holding a decent-sized position in ARK at the moment
Needs to hold that support level or could spell bearish sentiment.
1 Hour Chart
This tightening range is a precursor to a breakout either upwards or downwards.
DISCLAIMER:
I'm simply sharing my trades so take this advice at your own risk :) Good luck out there!
Aside from whale activity, it could be related to this double-bottom shown here coupled with an oversold bounce.
After the run up, ARK is currently trading in an equilibrium pattern between 24.2k and 25k.
Look for a break of resistance for bullish signals.
I'm currently holding a decent-sized position in ARK at the moment
Needs to hold that support level or could spell bearish sentiment.
1 Hour Chart
This tightening range is a precursor to a breakout either upwards or downwards.
DISCLAIMER:
I'm simply sharing my trades so take this advice at your own risk :) Good luck out there!
Comment
On the 15 minute time frame, price broke through the 25k level; however, it was shot down by the 26k level.Looking at the hourly chart, there is still support on the 21.5k level + there's a decent reversal candle.
Unfortunately, I wasn't able to sell at my break-even point. So, I'll be holding unless the 21.5k support breaks.
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