Arbitrum Speculative View
Do I see a triangle continuation pattern forming? (in red)
I say speculative view in the title of this Idea because none of the patterns I think I see have completed yet. As a trader, you have a higher probability of trading after validation/confirmation of patterns rather than anticipating their completion. But it's fun to speculate sometimes : )
We could expect price to continue upwards if this turns out to be a Symmetrical or Ascending Triangle pattern.
Because this potential triangle pattern is following a price increase, this could be a Bullish Pennant. If so, the first price target would be the height of the triangle (blue lines), the 2nd price target would be the height/distance of the black lines.
I've placed 4 purple lines indicating where I'd take profits.
I could also see an un-completed Elliott wave (3) forming. I'll follow up in a few weeks to see how price action progresses.
I say speculative view in the title of this Idea because none of the patterns I think I see have completed yet. As a trader, you have a higher probability of trading after validation/confirmation of patterns rather than anticipating their completion. But it's fun to speculate sometimes : )
We could expect price to continue upwards if this turns out to be a Symmetrical or Ascending Triangle pattern.
Because this potential triangle pattern is following a price increase, this could be a Bullish Pennant. If so, the first price target would be the height of the triangle (blue lines), the 2nd price target would be the height/distance of the black lines.
I've placed 4 purple lines indicating where I'd take profits.
I could also see an un-completed Elliott wave (3) forming. I'll follow up in a few weeks to see how price action progresses.