Arbitrum a highly anticipated project, is an Ethereum layer-two scaling solution that uses optimistic roll-ups to achieve its goal of improving speed, scalability, and cost-efficiency. There are not enough candles to see the big picture. But the short-term view is that there is a descending channel, and if ARB breaks it upward, an impulse wave can be expected. Let's see what happens.
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ARB is slowly going up.
ARB is slowly going up.
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So, ARB went up pretty well and broke the ATH too. Then correction started and ARB came down, probably to gain momentum. Also, it seems a harmonic pattern is formed too. Recently, ARB broke the downtrend line, which is also the harmonic pattern's right wing; the next upward wave's target is the horizontal resistance area. Let's see what happens.
So, ARB went up pretty well and broke the ATH too. Then correction started and ARB came down, probably to gain momentum. Also, it seems a harmonic pattern is formed too. Recently, ARB broke the downtrend line, which is also the harmonic pattern's right wing; the next upward wave's target is the horizontal resistance area. Let's see what happens.
So, as it turned out, the ARB correction pattern was a descending triangle, which ARB broke upward.