Trade Recommendation: Ark

Our November 23, 2018 trade recommendation for Ark (ARK/BTC) hit both of our targets. The first one was hit on January 4, 2019 when the market climbed as high as 0.0001297. The second target was achieved on February 8 when the price rallied to 0.0001539. Those who followed the trade recommendation grew their investments by over 70% in less than two months.

Now, we’ve been tracking Ark ever since it managed to go above our range high of 0.000128 on February 10. This was an indication that the market has left its accumulation range and it is now ready to trend higher. So far, the chart supports our view.

Technical analysis shows that ARK/BTC is forming a bull flag on the daily chart. This tells us that the market is more likely to continue its bullish momentum. The pattern suggests that the market is in consolidation as those who bought the bottom take profits. Once sellers lose ammunition, Ark will very likely resume its uptrend.

Technical indicators agree with this sentiment. We can see that volume has significantly declined after the February 10 range breakout. This shows that whales are not dumping their positions. Also, the low volume suggests that retail traders are the ones selling their positions. This is bullish because limited supply often translates to higher prices.

The strategy is to buy the dip as close to our new range support of 0.000128 as possible. As long as bulls protect this level, Ark will likely rally to our targets of 0.0001621 and 0.0001912.

The process may take a month.

Daily Chart of Ark/Bitcoin on Binance


As of this writing, the Ark/Bitcoin pair is trading at 0.0001352 on Binance.

Summary of Strategy

Buy: As close to 0.000128 as possible.

Targets: 0.0001621 and 0.0001912.

Stop: 0.000122

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Kiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and funds, as he does his own crypto research and is a Product Manager at Mitre Media. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.