ARK and altcoin market in the broader picture
Today, we would like to share with you a short analysis of ARK, which was introduced to us by Daneel two months ago through news about its development. Since then we have been closely watching price to retrace as you can see from the picture below. You can notice that the price has closely followed our predetermined Elliot Wave pattern, and that currently the price dwells at our expected bottom, which is found at the trend line support. The green elliot wave prediction is therefore based on the assumption that the trend line support holds and that the falling trend is about to soon reverse. That might ofcourse not happen and the price might continue in it’s decline. Looking at the state of altcoin market, it is very possible that the falling trend will continue. Though if not, these price levels would make for a perfect entry. For those that will enter the position, you can find the resistance areas marked by the green horizontal lines. Though keep in mind that if the trend line support gets decisively broken, the price can go down substantially. We would therefore advise to trade with caution, because it’s possible that there will be a final wash out of bad altcoins, which we would not like to end up in.
It wasn’t a long ago since there has been a suit filed against Bitfinex and recently Binance had been hacked for $42 million in Bitcoin. Fundamentals are therefore in favor of bears in the case of Bitcoin, and the fall of Bitcoin could potentially fuel the fall of altcoins as well. The growing Bitcoin dominance certainly suggests that. That’s why we would advise everyone to trade with caution to what can happen. We personally will be puting stop loss below the trend line to protect ourselves from these potential losses.
To know the details about what is currently happening, please refer to these articles: https://go.daneel.io/news?s=binance-hacked-7-000-btc-stolen-from-hot-wallet
https://go.daneel.io/news?s=tether-bitfinex-stay-afloat-amid-controversy
To check out the articles, which made us interested in ARK:
https://go.daneel.io/news?s=create-your-own-ark-based-blockchain-in-minutes-with-ark-deployer-v2
https://go.daneel.io/news?s=ark-partners-with-wolfram-blockchain-labs