✴️ Arbitrum Potential Bottom | Elliot Wave, RSI, Volume & More

We have a perfect ABC correction, 5-3-5, and it ends with the RSI being oversold but it is hard to tell what is really going on here because the chart is really young. When there isn't enough data any analysis can have little value.

Buy volume is highest since July, today.

This can be traded with a very tight stop-loss.
If prices move and close below 0.7600 RUN!
Any trading above this level and a bullish wave can easily develop.

While this pair is really weak, other Altcoins are already moving forward and showing signs of recovery. What I mean is that there is a chance for a change of trend but remember, if support breaks it is wise to stay out until a new support level is established but this can vary based on your trading strategy.

Another strategy for spot and long-term traders is to buy up each time a support level is hit and wait long-term.

This is not financial advice.
Remember to do your own planning and research, there is risk involved when trading; the charts and market conditions can always change.

Good luck.

Namaste.

Comment:

Perfect bottom catch based on Elliot Wave Theory (EW).
Total profits so far amount to 120%. Enjoy!