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Arbitrum Indecisiveness

Lots of indecisiveness surrounding ARB. This is one of those moments, as a trader, where you can't rush into a trade. You have to let the market decide and then make a move to go with the flow.

Symmetrical Triangle...Check
HL on PA (so far)... Check
LL RSI... Check!
Poking of 55MA...Check!

The close on the daily TF today will be key in forecasting what the PA will be tomorrow. If we close below the triangle, below the 55MA and re-test from below it in the next several days, I'll be looking to enter short with a TP @ $1.3 . Otherwise a re-test of the top isn't particularly attractive considering the RRR.

Cheers!

ノート

I'm sitting on the fence on this one. On the one hand you have a bullish close above 0.618 fib and on the other a clear close below 55MA. Plus an unconvincing close above 55MA (too little too late). All I'm thinking now is this is a re-test of the triangle and further slide down. We'll see

ノート

I'm still on the fence on this one. Can't tell if this is a re-test or fakeout. Volume is low. MACD is acting like the trend wants to flip to the up side. I'm sitting this out. Tomorrow will give more clarity