ARB - 4H Bullish Structure
Arb looks like it has bottom both on the short term chart and the long term chart (will post that next).
We saw a double bottom form in price between $0.73-$0.74. The second bounce was so strong it created a bullish divergence right off oversold conditions on the 4H timeframe. We saw a similar low in price action followed by a higher low on the RSI.
Our first target would be whenever we test our white trendline (could act as new resistance since it was our old support level). The second target would be the yellow line from a separate trendline.
Once those levels are broken we will see a move to our upper white trendline that would lead us somewhere between $2.50-$3 depending on when we breakout.
We saw a double bottom form in price between $0.73-$0.74. The second bounce was so strong it created a bullish divergence right off oversold conditions on the 4H timeframe. We saw a similar low in price action followed by a higher low on the RSI.
Our first target would be whenever we test our white trendline (could act as new resistance since it was our old support level). The second target would be the yellow line from a separate trendline.
Once those levels are broken we will see a move to our upper white trendline that would lead us somewhere between $2.50-$3 depending on when we breakout.
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