Hi everyone, this is my first Steemit post. I have been using Steemit for a few weeks but mostly reading other people's blogs. Now I finally decide to start a blog and hopefully people will like it :)
I'm not a professional trader, but I like looking at the stock and crypto currency charts during my spare time. Trading is more like a hobby for me. I'm monitoring the BTC market recently and seeing a very bullish ARKBTC chart. I want to share it here.
Here's what the chart looks like:
- The ARKBTC is completing a double-bottom pattern after 3 months of down trend. The resistance is at 0.00052 level. We are definitely seeing resistance here, as the price has tried to break out a few times but all failed. Once the price breaks out and stays above the resistance for at least one day, it's a good time to go in.
- This is a classic double-bottom pattern as the the second bottom is slightly lower than the first bottom, this shows the bears have exhausted and bulls are in control now. Moreover, we are also seeing a bullish divergence here between the price and the stochastic oscillator. The stochastic oscillator is showing a higher second low, whereas price is showing a lower second low. This again confirms the bottoming is happening.
- Once ARK breaks out, one can use Fib Retracement to decide what the profit target is. But to me, it seems there are only a few resistance before it reaches the previous all-time-high at 0.001229 :)
This is just my personal opinion and is used for informative purpose. It's not advice or suggestion for people to buy or sell any crypto currency.
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