$ARK on its way back? Wait for little correction
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After a beautifull run up (see link below for set up), ARK did a deep retrace....all the way down to fibo 78,6.
This was way further as I expected and I got caught in a failed breakout and the dump from last days.
As I'm long term bullish on ARK, I took the opportunity to add more to my position around that fibo level.
The target shown on the 240 chart is longer term, considering we just started the next leg up (5th leg out of 5). MACD is close to turn green again.
Short term I'm expecting a bit of corretion after this nice recovery. RSI is almost overbought.
Tradingadvise: wait for a smaller correction to hop on the ARK train, previous runs show the potentials of this coin.
In terms of moneymanagement I would advise to keep an eye on BTC movements. If BTC bulls start to run again, alts might make another dip. If ARK falls below the 78,6 fibo it might drop all the way to where it started for a new accumulation period.
This was way further as I expected and I got caught in a failed breakout and the dump from last days.
As I'm long term bullish on ARK, I took the opportunity to add more to my position around that fibo level.
The target shown on the 240 chart is longer term, considering we just started the next leg up (5th leg out of 5). MACD is close to turn green again.
Short term I'm expecting a bit of corretion after this nice recovery. RSI is almost overbought.
Tradingadvise: wait for a smaller correction to hop on the ARK train, previous runs show the potentials of this coin.
In terms of moneymanagement I would advise to keep an eye on BTC movements. If BTC bulls start to run again, alts might make another dip. If ARK falls below the 78,6 fibo it might drop all the way to where it started for a new accumulation period.
Note
A deeper retrace as expected due to BTC bulls.Once alts bounce, ARK will be one of the leaders imho.
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