Today we will look at the current situation on ARKK.
Technical Elements:
-The price has reached the lower zone of the cloned channel.
-Inside the descending channel, we can observe a descending trendline.
The main element I want to highlight here is that the price had reached a significant target for the bearish movement. Can the price keep falling? Of course, nobody knows with certainty what the price may do. However, we are in an excellent spot to start thinking about possible bullish situations.
What's the idea I'm developing? Wait for the breakout of the current descending trendline + a corrective pattern (red circle)
IF that happens, I think we have good bullish potential to trade on a new local high towards the higher trendline of the descending channel. At the moment, this is an idea that requires patience to see how the price evolves.
Thanks for reading!
Technical Elements:
-The price has reached the lower zone of the cloned channel.
-Inside the descending channel, we can observe a descending trendline.
The main element I want to highlight here is that the price had reached a significant target for the bearish movement. Can the price keep falling? Of course, nobody knows with certainty what the price may do. However, we are in an excellent spot to start thinking about possible bullish situations.
What's the idea I'm developing? Wait for the breakout of the current descending trendline + a corrective pattern (red circle)
IF that happens, I think we have good bullish potential to trade on a new local high towards the higher trendline of the descending channel. At the moment, this is an idea that requires patience to see how the price evolves.
Thanks for reading!
