Going Long Arbitrum to 1.22+
Updated
Arb had a technically beautiful pull back right to the 50 percent retracement fib level which also happens to be about where that 50 day SMA is pulling up to lend a helping hand in supporting price here. You can also see that we are in a bullish triangle. Could we drop to the bottom side of that triangle before we exit? Yes, absolutely. But the reason I am entering now is because of what our RSI chart is showing. We are fairly close to hitting that ascending TL once again and everytime we do, there is a nice pump that follows. Quite simply, I just don't want to miss it. So, if we do drop to the bottom of the triangle, I'll hold right through expecting more upside movement to come soon.
This is how I am trading it anyways. You do you.
This is how I am trading it anyways. You do you.
Note
Moved stops up to break even on this tradeTrade closed: target reached
Our target was reached last night and this trade was closed. I will look to re-enter around that $1.08 level. Stay tuned.
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