🔥 Arbitrum Falling Wedge Success: New All-Time High?
Updated
In my last ARB analysis I talked about the falling wedge and the break out that I anticipated from said pattern. Both targets were hit with ease, congratulations if you took the trade.
For now, I think the bull trend will continue. With BTC edging up and higher time-frames not even being overboughton ARB, there's a very decent probability that we're going to move towards the current all-time highs on the chart. However, on lower timeframes the ARB chart is overbought, so we might see a minor pull-back towards the yellow support area.
Targets in blue.
If BTC can confidently break above $30,000 we might see some huge buying power going to alts, which could even bring ARB to >$2, but that's for a later analysis.
For now, I think the bull trend will continue. With BTC edging up and higher time-frames not even being overboughton ARB, there's a very decent probability that we're going to move towards the current all-time highs on the chart. However, on lower timeframes the ARB chart is overbought, so we might see a minor pull-back towards the yellow support area.
Targets in blue.
If BTC can confidently break above $30,000 we might see some huge buying power going to alts, which could even bring ARB to >$2, but that's for a later analysis.
Comment
Bouncing from yellow area as we speakComment
ARB is dumping because the team is apparently the team is selling off coins. Google around you will find some articles explaining what's going on.
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