In this short article, you will know if the Arbitrum ARB token is about to pump or if it is a complete scam and continues to fall.
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In recent weeks something bad is happening in the cryptocurrency market. There is a lot of dumping happening, especially altcoins. Most major cryptocurrency traders have been waiting for the peak season for quite a long period of time, but the result is the opposite. Major Exchanges Delisted Some Tokens, Which Immediately Fall Below Their Critical Levels, Crypto Trading Strategies Face Huge Losses, Most Automated Trading Robots Also Harm Deposits, Even Network Trading Robot managed to stop losses because the price fell below the price range. In such difficult times it is vital to choose the best assets to invest money. Finding such altcoins is also important for automated cryptocurrency trading because you need sufficient liquidity. Today we will try to understand whether $ARB such an asset or not, providing analysis of multiple time frames using different indicators.
Arbitrium weekly analysis: what do Elliott waves tell us?
Almost all profitable crypto trading strategies are based on Elliott Waves, at least for confirmation trading decisions. On the 1W chart we can see that the first bullish impulse obviously ended at $2.43. In my opinion, now most traders will think the game is over because the current dump has almost hit the bottom of wave 1, but waves 2 may retrace to 100% of wave 1, especially for low altcoins. capitalization. ARB has not yet hit bottom, but this bottom is nearby.
Chart 1. ARB 1W Term
If this anticipation is true, this asset is about to start impulsive wave 3, which has a low target at $2.56, most likely at $3.58 and the bullish at $5.23. It is surely not the ultimate goal for the entire bull market, if it comes to fruition, just for wave 3. The extended wave 5 can easily duplicate all of these goals, but it is too early to talk about it now.
Arbitrum Daily Analysis: Is the Reversal Here?
In the chart below we can see ARB on the 1D time frame. We can see that the higher degree wave 2 has an ABC zigzag structure where wave C is now about to end.
Table 2. 1D ARB Term
An impressive oscillator tells us that the bullish divergence between waves 3 and 5 within wave C is almost over. Only a big fall can break it. To confirm the reversal we need a bullish reversal bar and three consecutive green columns on the AO histogram. It would also be nice to see the squat bar in MFI instead of the green one we're seeing now. The green bar tells us that the bears are still strong and that the dump is not over, it is better to wait for confirmations.
Does the 4-hour chart tell us that the bearish phase is over?
Let's also take a look at the 4 hour time frame. Remember our educational article on Elliott Waves where we talk about waves within waves. This chart shows the inside of wave 5 in C. This wave also consists of 5 waves and we have some evidence that this trend is almost over.
Table 3. ARB 4-hour period
Firstly, look at how accurately the price hit the wave 3 target at 1.61 Fibonacci. Wave 4 retraced to the target zone and now the price has printed a bullish divergence with AO. It is not confirmed yet, as a bullish reversal bar can potentially form soon, but MFI is showing us two consecutive squat bars. It means that it is difficult to go down and there is a big battle between bulls and bears. We are ready for the rollback now!
conclusion
Surely most traders are now losing money because no one believes in Bitcoin, but most of them have been sitting on altcoins. But now, as I can see, enormous disappointment has arrived on the market. People say it's all over, a huge bear market is coming. We assume that in such disappointing times the greatest opportunities come to the market. Be patient, control your risk and be happy.
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