ARBITRUM DOUBLE BOTTOM
Updated
This article is pure technical analysis. 
ARBUSDT is showing a double bottom pattern, indicating a potential bullish movement.
But first, pay attention to its past price movement that led to a bullish movement of the coin, ARB had a multi-month trendline breakout. Through this trendline below there were multiple instances of resistance (highlighted in red) from the all-time high.
As of this writing, the neckline is still showing its firmness as the price attempts to breakout after hitting it momentarily.
This firmness is presented on this chart below through back testing procedure wherein we see instances of it being most as resistance line and support at times.
For an intraday perspective, we have to wait for a confirmation for either breakout or breakdown plays.
If a breakdown happens, I plotted some trendlines for a possible take profit areas by using basic support and resistance with backtesting.
$1.0121 and $1.0619 will be my take profit areas to consider.
On the other hand, I plotted a diagonal trendline support, when a massive sell confirms potentially could lead to reversal.
Also, consider the MACD indicator in a 4-hour timeframe if MACD crosses along with weakening of the buying pressure that could lead to a reversal.
BULL or BEAR: Still BULLISH considering market on a consolidation phase from the massive pump that happened days ago. Let's give the market the time to recover :)
I'll give time to update the movement for this coin. Overall, scalp if you want to trade this coin and wait for those scenarios that I mentioned for intraday trade.
Follow me on this platform for more market pattern ideas like this. I appreciate the support.
Always PLAN your trades and happy trading!
ARBUSDT is showing a double bottom pattern, indicating a potential bullish movement. But first, pay attention to its past price movement that led to a bullish movement of the coin, ARB had a multi-month trendline breakout. Through this trendline below there were multiple instances of resistance (highlighted in red) from the all-time high.
As of this writing, the neckline is still showing its firmness as the price attempts to breakout after hitting it momentarily.
This firmness is presented on this chart below through back testing procedure wherein we see instances of it being most as resistance line and support at times.
For an intraday perspective, we have to wait for a confirmation for either breakout or breakdown plays.
If a breakdown happens, I plotted some trendlines for a possible take profit areas by using basic support and resistance with backtesting.
$1.0121 and $1.0619 will be my take profit areas to consider.
On the other hand, I plotted a diagonal trendline support, when a massive sell confirms potentially could lead to reversal.
Also, consider the MACD indicator in a 4-hour timeframe if MACD crosses along with weakening of the buying pressure that could lead to a reversal.
BULL or BEAR: Still BULLISH considering market on a consolidation phase from the massive pump that happened days ago. Let's give the market the time to recover :)
I'll give time to update the movement for this coin. Overall, scalp if you want to trade this coin and wait for those scenarios that I mentioned for intraday trade.
Follow me on this platform for more market pattern ideas like this. I appreciate the support.
Always PLAN your trades and happy trading!
Note
I forgot to mention in my idea it is forming a bearish divergence wherein the price forms a higher high and our oscillator RSCD forms a lower high.Note
An hour ago, we saw the price breakdown its corresponding trendline. I did not yet enter a trade for ARB since the sell volume is not enough for me.
Right now, it tries to retest the diagonal line. On my view, I could see a price rejection somewhere around the trendline. On the other hand, I would identify this as a price pullback but would need a great buy volume to consider.
If the breakdown continues, I wouldn't think the double bottom bullish pattern will materialize.
Note
For a breakdown, consider $0.8952 as the next support.Note
I think it just created another instance of forming a diagonal support. Note
Since the coin's price is increasing, I would consider this as a potential resistance line.Note
I'm observing a consolidation for ARB given that it had a breakout on our resistance line above as of today and its the weekend.Note
(1) old support acting as the resistance so far
(2) new support line
Note
Overall support line
Note
Trade active
Currently observed a support breakdown and entered shorting upon confirmation.Trade closed: stop reached
Manually stop my short trade because it created a clear diagonal support below. Trade active
We had a breakout on the trendline and entered a trade within the breakout and the next resistance line would be at $0.1728 (.618 Fibonacci level).Note
The contents of the Fed FOMC meeting of pausing interest rate hikes cause the crypto market (also stock market) in green, thus leads to activation of ARB double bottom breakout.Trade closed: stop reached
Stop loss hit below the strong trendline. In my view, this coin will try to touch the support again. If you entered shorting on the breakdown, take profit near on the weekly diagonal support and let your stop loss area be above the resistance.
Note
I have actually entered on the bounce after the trendline breakout at $1 price range trendline and take profit at the .618 Fib area. Trade active
Entered an intraday short trade. TP1 hit on the .236 Fib area. TP2 on the diagonal support. I also plotted diagonal resistance as my partial stop profit area as well.Trade closed: stop reached
Took a stop profit when the breakout confirmed on the mini resistance trendline.Note
From a scalping timeframe, ARB id forming an adam and eve bearish pattern.Trade active
Apologies for having inactive in my X feed for I have been busy with my works lately :) But I'm trading this coin upon breakout and my strategy right now is to hit my first profit area of $1,1584 which is the 1.618 Fibonacci area and partial stop profit if a breakdown confirms in my plotted support line. Here is the summary:
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