šFalling Wedge Patternš: - The $ARB (Arbitrum) chart displays a falling wedge pattern, which is typically a bullish reversal signal. Falling wedges often indicate a potential upward breakout, especially when found at the end of a downtrend.
ā Currently, $ARB is testing a breakout ā Support and Resistance Levels: - Support Zone: Thereās a strong support zone around $0.46, This level has held several times, making it a key area for potential buying pressure. - Resistance Zone: A around $0.87 represents a resistance area that could serve as the next major price target if ARB manages a breakout.
A confirmed breakout would ideally close above this zone.
3. Breakout Target: - The projected target following the breakout appears to be around $1.22, with a potential upside of about 120% from the current price #ARBLONG $ARB
A rising wedge is generally considered a bearish pattern, meaning there is a higher probability of a breakdown than a breakout.
Possible Price Movements:
Breakdown (Bearish Scenario - More Likely) If BTC breaks below the lower trendline of the wedge, it could lead to a sharp decline. Potential support levels: $82,500, $80,000, or even $72,500 if selling pressure increases.
Breakout (Bullish Scenario - Less Likely but Possible) If BTC breaks above the upper trendline, it could invalidate the bearish structure. Resistance levels: $87,500 and then $90,000+ if momentum builds. Watch the volume closelyāif a breakdown happens with high volume
it confirms the bearish move.
A breakout with strong volume could suggest bullish continuation. #BTC
With such a despair, anger, frustration, liquidation and capitulation in the market, looking at a weekly chart like makes me feel like MMs have done their thing nicely. All those short term leverage players have been eliminated. Max pain is 10-15% downside. We are either bottomed, if not, then very close to bottom.
Accumulate Altcoins wisely and have patience to hold them for next couple of months for Multi Folding gains š
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Actually very bullish but I feel like bottom isn't in yet. By March mid, we'll likely see another low so I'm not keen on buying these green today's candle
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