Technical Analysis on ETH and ARK, Waltonchain Apologizes Again, Binance Having API Issues, Mar/07/18
Happy Wednesday Everyone!
Here is your daily dose of Technical Analysis on Ethereum and ARK!
Disclaimer: This is not financial adivice
Ethereum Technical Analysis
It looks like chop city up in here today! With the Binance news (which I personally don't see as being a huge deal but we shall see how it plays out) coming out it looks like a fair bit of alts and btc have dumped off a touch across the board. My guess is its mostly panic selling and its mostly artificial today but who knows. Either way ETH hasn't been looking too bullish lately, we have yet too break the overall downtrend or create a new high. We're looking at potentially retesting previous lows, having a daily close below the 690$ level would not be a good sign.
We essentially bounced off the mountain man level at 61.8 on the fib retracement at the moment and that could have made for a nice little bounce play. We had a bit of a head and shoulders pattern play out and reached the trendline on the LOG scale before breaking down and heading south. I'm personally sitting back at the moment not playing anything waiting for this day to play out. If we do break down below the previous lows I'll personally be working bids from 650$ - 550$. after that we won't see much support until we reach near the 400$. That's definitely not saying it'll drop that low but you never know, we shall have to watch and see how this plays out. The trend is your friend till the end so we may just have a little more bearish waters ahead of us.
Sometimes the best move is doing nothing.
ARK Technical Analysis
Ark has been working its way in a downward channel for about two months now making its way back down to respectable buy in levels. It has bounced recently right around the 78.6 fib level using it as support right around the 32,500 satoshi level. Ark has a habit of retracing 78.6 or greater when looking into the past but the trend has always continued in a bullish direction long term. There was an overall trendline that we ended up testing as resistance in accordance with the overall 61.8 fib extension breaking down into what is our current bear trend. That being said the 78.6 retracement of the current run up as well as the 78.6 level of the overall bull run line up quite nicely so buy orders can potentially be worked down at that level with a decently tight stop loss.
By all means I do hope you all enjoy my content, if you have any comments or suggestions fire away! If you'd like to see a specific coin reviewed just let me know!