Cryptocurrency
by Lucas Bedwell 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 Lucas Bedwell

With 3 years of trading experience across Forex, stocks, and cryptocurrencies, Lucas Bedwell has honed his market insights. His close connection to financial markets allows him to craft compelling copy, offering readers valuable perspectives and analyses that reflect his deep understanding of trading dynamics.

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