Trade Recommendation: Ark

Our February 15, 2019 trade recommendation for Ark (ARK/BTC) hit both of our targets. Both targets were reached on the same day as the price exploded to as high as 0.0002345 on February 17. Those who followed the trade recommendation grew their investments by over 50% in two days.

If you failed to take advantage of the recent pump, don’t worry because there’s another one brewing. The explosion on February 17 was quickly met by profit-taking. This drove the price down as those who bought low sold the rally. Nevertheless, we are seeing signs that Ark may be due for another move up.

Technical analysis shows that ARK/BTC is carving a bullish higher low of 0.000142. This view comes after the market managed to stay above this level last week even though bears tried to breach it. The wicks below the daily candles from Feb 26 to 28 show that buyers were absorbing the selling pressure.

Also, it is important to note that the market struggled to go above 0.000142 from August 2018 to February 2019. Thus, the ability to stay above this level is bullish. It enables the market to flip the resistance into support.

The strategy is to buy as close to our new range support of 0.000142 as possible. As long as bulls protect this level, Ark will likely rally to our targets of 0.00019 and 0.000235.

The process may take less than a month.

Daily Chart of Ark/Bitcoin on Binance


As of this writing, the Ark/Bitcoin pair is trading at 0.0001461 on Binance.

Summary of Strategy

Buy: As close to 0.000142 as possible.

Targets: 0.00019 and 0.000235.

Stop: 0.000135

 

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.