Long

ARK ADAM AND EVE PATTERN: CURRENTLY ON A CRITICAL KEY LEVEL

Updated

In this chart of , the coin is forming an Adam and Eve pattern looking at the historical movements, the coin is in a downtrend, and the market is indicating a bullish reversal for ARK.

Currently, the coin is on consolidation around the pattern neckline area. It is a waiting game for the coin and in order for the pattern to materialize, we need to see a convincing confirmation of a breakout on the neckline on an hourly basis.

I'll provide updates on the comment thread for more detailed technical analysis.

Stay safe and happy trading!

Note

For a breakout scenario, I will consider these three key levels:
1) 1.1851: at 0.236 fib area, would consider adding more funds but could also be a partial profit take area.
2) 1.2805: previous support as potential new support and near 0.382 fib level
3) 1.3857: 0.5 Fib level

Note

Add an alert on 1.13 as this is the key level for the Adam and Eve pattern.

Note

Also plotted a potential breakdown play, since it presents a bearish divergence as our price forming a higher high and lower high from our oscillators. The diagonal trendline acts as the new support for the coin. The fib levels presented can be your possible new support lines.

Note

ARK had a trendline breakdown few hours ago and identified its new diagonal support as shown in the chart above.

Note

Looking on the chart perspective, the pattern did not materialize as we saw a breakdown, but it also shows that the neckline price of 1.13 is showing its conviction over a couple of days.

Although, I would still consider 1.13 for a possible breakout play and if it doesn't break on the 382 Fib support on 1.0395.

Note

Saw a breakout on $1.13 which is a strong trendline and it required a major pump to materialize it. And observed a bounce as it retraced as well. I did not enter yet until I see confirmation of a bullish crossing on my indicator. To learn more about it suggest reading this article about one of my indicators: investopedia.com/stock-analysis/cotd/022614/bullish-and-bearish-macd-crossovers-lnkd-wyn-amt-twc.aspx

Note

Saw a massive sell candle from all the coins minutes ago and I'm here to provide my insights on what would be the next approach from most of my active ideas so far.

For ARK, the Adam and Eve pattern was invalidated from the breakdown hours ago and the recent move had a breakdown on the longer diagonal support and 1.0395 is the current support line to consider.
We'll see for ARK if it bounces of from the old support (labeled as current support) that could identify as new resistance for now.

luigi360swirl

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