Technical analysis by Delzeyne about Symbol ARB: Buy recommendation (8/14/2024)

Current price actionSince august 5 arbitrum made an new all time low Series of higher lows and higher high since that bottomConsolidating under 0.5 Fib retracement wich currently act as resistanceMomentum indicatorPersonal indicator wich gives buy or sell signal based on 2 day timeframe momentum The average price act as support in the direction of the giving signalDynamic stoploss acts as an trailing stoploss wich follow the average priceBuy signal confirmed this morningTradeEntry Market price(0.5820), Average price (0.5651) or wick trough dynamic stoploss (0.5539)Break above the 0.5 Fib retracement (0.5959)RiskLast higher low (0.5451)Take profitMonthly level (0.6574) and 20D level (0.7476)Overview 2D chart and signals this strategy profibality depends on the duration of the trend in one direction False signals and small bounces is the cost of trading in this strategy