✴️ Arbitrum | There Is A Problem...

Jun 23, 2023

This is a new Altcoin project so the chart is new as well. All I do is read charts and share with you my understanding of what I see.

When the chart is too young, not enough data, any analysis becomes weak.

With that said, we can still proceed.

The analysis is based on the short-term due to the lack of long-term information.

Things can change fast when considering the short-term.

Arbitrum hit a low in 15-June forming a cup pattern (yellow). This is our low support.

There is another low 8-May which is marked here with a blue space/line. The fact that ARBUSDT is trading above these levels, gives it bullish potential.

We can also see it trading above EMA10 and EMA21 while the RSI is above 50, this is all positive and opens the door for additional growth.

Then, while above $1.00 (8-May low), EMA10 and bullish RSI, we can expect additional growth. If this changes the bullish bias is lost.

Now that we looked at the signals and defined the risk, we can look at the targets and these are mapped on the chart.

$1.46 and $2.38. These are easy for this pair.

Remember to do your own research and planning.

Thank you for reading.

Namaste.