As requested I'm gonna talk about ARB. I've never traded this token before, your chart request is making me familiar to lots of tokens already. đ
Here goes...
ARB is now trading at 0.78, but whats the real score?
In the 6H chart, I see that ARB has been recovering. The KDJ oscillator is suggesting a bounce back to 0.85. This price zone is a strong buying point for both whales and retail investors, and it is litterally pulling the candles back up.
On the otherhand I'm seeing a KDJ resistance around 0.77-79. Since this is a strong selling point, expect consolidation along this zone before candles jump back to 0.85. It is worthy to note that ARB is moving within an Ascending Channel (AC) which from experience is the best resistance breakersđ.
Anyhow, if candles fails to break this resistance the first time, we have a strong KDJ support at 0.72. If it does drops to 0.72, chill and relax 0.85 is the ultimate KDJ target and it will still move back up.
So yeah, I'm bullish with ARB. If you're trading in spot, now is the best time to DCA. If you're in futures the best position is long, but make an entry at a good 1H or 4H support, and set a 2% SL.
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#ARB #TechnicalAnalysis #Marketupdate #buythedip #Pitbull
Chart below.
