Is #ARBUSDT close or not? Let's take a look at the latest trading setups #ARBİTRUM and what may happen to them later:
💎The pair $ARB has just completed a breakout from an expanding ascending wedge pattern. This breakout has turned the previous support level into a resistance level after the price was rejected. Currently, there is a high likelihood that the pair $ARB will retest it before continuing to decline.
After the wedge pattern collapsed, the price sharply retreated from the resistance area between $0.39 and $0.42, where both the 50 and 200 exponential moving averages are converging against the bulls, forming strong dynamic resistance. This resistance convergence increases the likelihood of difficulty in reclaiming this level. The situation is clearly bearish unless invalidated above $0.42.
💎We are witnessing weakness in following the highs, indicating hesitation, and possibly a trap for late buyers. As long as we remain below the resistance level, the next logical step is to retest the medium-term support level at $0.2391.
💎But it doesn't stop there. If this average level collapses - as indicated by the structure - the next area worth monitoring is the $0.1450 zone, which is a strong historical support and the first point where we expect real buyers to enter. This may be the level that finally witnesses a potential reversal.