Pirate Chain (ARRR) Analysis & Outlook

Pirate Chain (ARRR) has been showing some bullish signs over the past few days, and appears to be at the beginning of a bullish breakout!

For the past several days on TradeOgre there was a sell wall of about 600,000 coins around the 0.00000560-0.00000600 area, but it was gradually gobbled up by the bulls.  Today, the last remnants of that sell wall have been eaten and as I write this, there is currently a large buy wall of about 13.67 BTC (a bid for 2,297,955 ARRR) sitting at 0.00000595, and the price has finally broken back above the 0.00000600 resistance level.

Bulls eat up the 600k ARRR sell wall @0.00000600 and add bids for a 2.3 million ARRR buy wall

As seen in the TradeOgre 3-day linear chart below, ARRR/BTC has broken out of the triangle (gray dashed lines) and is forming a nice double bottom pattern (gray curved lines).

TradeOgre ARRR/BTC 3-day linear chart with Fibonacci retracements, triangle breakout, and apparent double bottom forming

As seen in the above chart, price has formed support with an apparent double bottom pattern just above the 88.6% Fibonacci retracement level.

Price has also managed to break back above the key moving averages which is a sign of victory for the bulls.  Price is still below the Ichimoku Cloud, but has plenty of room to rise and turn more bullish again.  The MACD is looking good, and is about to make a bullish crossover, as well as make a bullish cross above the zero line.  The Willy also made a nice double bottom and is looking bullish after testing oversold levels.  Finally, the Fisher Transform Indicator has recently flipped bullish and is rising up towards zero, with plenty of room to run.

If you haven’t gotten into ARRR yet, this is an excellent time to buy while it is still cheap.  If you already own some ARRR, it isn’t too late to continue accumulating, and I believe there is massive upside ahead.

Invest and trade wisely,