ARB - Showing the Most Strength
After BTC's brutal collapse, one of the altcoins that has held up best (showing relative strength) is ARB. Due to its strength we expect ARB to be one of the best performing altcoins when BTC gets a bounce.
Structurally this makes sense. After ARB created a high and fell to the $1.40 zone we can see ARB is working on flipping old macro resistance into new support. This aligns in our green box of demand and also very close the the 0.618 (Golden Ratio). Due to the oversold nature of ARB we could see a bounce into the range between 1.60-1.65. If ARB reaches these supply levels, this could be where more whales look to take profit (thus creating a macro lower high) then ARB will fall lower to the 0.786 then to test the lows.
In conclusion, ARB looks primed for a bounce in the short term but the longer term trend looks like it wants to test lower.
Structurally this makes sense. After ARB created a high and fell to the $1.40 zone we can see ARB is working on flipping old macro resistance into new support. This aligns in our green box of demand and also very close the the 0.618 (Golden Ratio). Due to the oversold nature of ARB we could see a bounce into the range between 1.60-1.65. If ARB reaches these supply levels, this could be where more whales look to take profit (thus creating a macro lower high) then ARB will fall lower to the 0.786 then to test the lows.
In conclusion, ARB looks primed for a bounce in the short term but the longer term trend looks like it wants to test lower.
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