$ARPA looks bearish..

Really nice rally, however, we have several reasons to be cautious/bearish here/

High Time Frame Resistance
0.618 Log Fib Level
Large rally with little consolidation along the way
Uptrend Channel Broken to Downside.
Bearish Divergence
Head and shoulders pattern forming.

I could be wrong and a short squeeze could ensue.. but odds are it may be an exhausted rally and due for a correction.

Note

Shorts Squeezed to top of channel..

Looks head-and-shouldersy to me.. / distrubution-like..

Wait for confirmation of loss of range before getting short imo.. risky one.. OI is negative which usually means it's a crowded trade and market makers love to liquidate shorts

Note

Looking a lot better now... Range low being tested..

Note

Note

That short squeeze last night was NASTY. Now we have breached the range low and nuked. This market is fun. Lessons here: When OI is extremely negative, you cannot be short with confidence early on. You are best to wait for short squeezes to play out. A tale as old as time.

TheTraderAndy

*Not Financial Advice*
*Only Risk What You Can Afford To Lose*
*Just Ideas, Not Investment Advice*
*Trade At Your Own Risk*

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TheTraderAndy

*Not Financial Advice*
*Only Risk What You Can Afford To Lose*
*Just Ideas, Not Investment Advice*
*Trade At Your Own Risk*