On February 5th 2020, we shared our analysis on ARK/USD as it was trading under $0.19. We explained that although the bearish structure of the weekly timeframe remains unbroken, the daily timeframe is indicating an upside move incoming.
As anticipated, price rose drastically and is trading at $0.276, a spectacular 45% increase in less than a week.
The weekly $0.2257 key level was broken through with very bullish momentum and was able to send price all the way to a high of $0.376. Price, however, closed the daily candle precisely under the pre-specified $0.3025 weekly key level. Today’s candle, retested that level once again perfectly and rejected it.
Now can we expect further upside?
In order for that to take place, the current resistance must be taken out to open the gates for price to head towards $0.417.