📶 #ARB paints us a very negative picture
Today let's look at the 1D Arbitrum timeframe. This global situation looks quite negative 📉
The price movement has been going above the key support level of ~$0.95 for many months now. Below is the support level at the local lows, the ~$0.77
Globally, we see the formation of a bearish "head and shoulders" "cushioning" pattern in the form of a bearish "head and shoulders" pattern. There is also a bearish flag pattern 🐻 within the right shoulder of the formation.
The situation looks very bearish, which makes me very uncomfortable. A "squeeze" with this high should work out into the negatives altogether.
I don't think it will all work out to refresh the lows ⚠️
