ARB - Ready for Another Leg Up?

18 kwi 2023

We have seen some major volatility of ARB over the last few days. Last night we did break our double top around $1.75, but are still having some trouble holding above it. Here in this chart we wanted to outline some key things to watch for. The first major trendline would be our orange trendline. This trendline has acted as key support/resistance flips and recently marked our new top. We have also identified a descending triangle. Descending triangles are usually more bearish patterns, but this one broke out! ARB is currently retesting our old resistance of our descending triangle as new support! If ARB can hold here then we could see a rally up and a retest of that orange trendline. If we cannot hold this trendline as new support then a test of the liquidity zone around $1.60 would be likely. If that gets broken then we have much farther to go down before the next rally.