ARK vs Bitcoin Breaking Higher
ARK has formed a double bottom at 27k astoshis after which price started to move higher. ARK/BTC broke above the 200 Moving Average and has been consolidating between 33.4k satoshis support and 42.7k satoshis resistance for the past few weeks.
But today ARK is breaking above strong resistance that previously was acting as the support, not to mention obvious higher highs and higher lows pattern and rejection of the uptrend trendline. It seems that uptrend continuation is taking place and ARK/BTC is likely to continue to move higher.
The first resistance can be seen at 52k satoshis area, that is 50% Fibonacci retracement level. Second resistance is at 76.4% Fibs that is 65k satoshis. Both resistance levels correspond to the previous resistance levels formed back January-February. At this stage only the daily close below 30k satoshis would invalidate bullish outlook.
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