🔥 Arbitrum Falling Wedge Success: New All-Time High?

In my last ARB analysis I talked about the falling wedge and the break out that I anticipated from said pattern. Both targets were hit with ease, congratulations if you took the trade.

For now, I think the bull trend will continue. With BTC edging up and higher time-frames not even being overboughton ARB, there's a very decent probability that we're going to move towards the current all-time highs on the chart. However, on lower timeframes the ARB chart is overbought, so we might see a minor pull-back towards the yellow support area.

Targets in blue.

If BTC can confidently break above $30,000 we might see some huge buying power going to alts, which could even bring ARB to >$2, but that's for a later analysis.

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Bouncing from yellow area as we speak

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ARB is dumping because the team is apparently the team is selling off coins. Google around you will find some articles explaining what's going on.