Believe it or not, a few hours (perhaps 4) after I wrote yesterday's Ark analysis and hypothesis, news headlines started doing the rounds to say that South Korea (one of the biggest buying markets from cryptocurrency in the world) was going to ban cryptocurrency and shut down exchanges.
Turns out it was all bit of a misunderstanding or what we in the cryptocurrency market like to call....FUD...not entirely FUD I guess, but come on.....
Anyway, I've been researching more and found THIS POST from when China banned ICOs and Bitcoin exchange trading on September 15th 2017 and it happens to show the 7 day price for Ark back then with 41.2% gains (was actually turning to decline by then).
Based on positive returns to the market after this news acting as a catalyst, I believe that if we see the pattern below start to complete within the next 4 weeks, the price of Ark is likely to reach new ATHs. Around the the 25th January is where I feel the gains will most likely occur.
For me to gain more confirmation on this, I'll be looking for a very similar chart pattern to the one shown by the orange arrows below (dip straight down then start to climb up steadily at first and increasing to near vertical), combined with ARK trade volumes of over $45,000,000 USD and gaining momentum as it gains in upward in direction.
Daily chart and Technical Analysis for current Ark price trend
This post only contains my views and opinions and is not financial advice. You should always do your own research and only invest what you can lose to afford.
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