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by Seth Parker on December 11th, 2018

Ark Analysis – No, that is not a buy signal

We start Wednesday with the analysis of Ark, which today is one of the best cryptos on the market with around 8% rise. Does that mean that we do have a buy signal here? Not really. This piece is actually written to warn you about this instrument. Actually, it is also written to brag how great was our previous piece about this instrument 😉 This is what we wrote about Ark on the 21st of November, when the coin was going 10% higher:

„It seems that the current upswing is just a correction of the recent decline. Correction should not go above the green resistance. Our mid-term sentiment here remains negative. „

ark chart

As expected, we did not manage to break the green resistance. In the meantime, the price created a symmetric triangle pattern (black lines) and went lower. Yesterday, we managed to set new long-term lows slightly above the 0.25 USD. The movement from today is just a take profit kind of action and cannot be considered as a reversal. Attempt or anything. Our outlook on this coin remains negative and we do not see here any buying opportunity, despite today’s rise.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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