ARB is consolidating in the short term with support at Demand Zone 1. A breakdown or close above the mentioned resistance levels could provide more clarity on the next short-term price direction. Downside appears slightly favored over upside based on the current technical structure on this timeframe.
For a more in-depth technical analysis across different timeframes, please click the link to view the identified levels of support and resistance, trends, and reversal patterns on the weekly,daily and 4-hour charts.
1 Hour Timeframe
ARB is currently trading between the 0.618 and 0.786 Fibonacci retracement levels, indicating consolidation in a short-term downtrend.
The nearest support lies at Demand Zone 1 between 1.6681-1.6192. A breakdown below this zone would increase downside pressure.
On the upside, resistance is at the 0.382 Fibonacci level of 1.8294. A close above this level could signal a potential trend reversal.
The Fair Value Gap from 1.6681-1.7185 provided temporary support earlier. It has now flipped to resistance for any upside moves.
If ARB breaks above the upper bound of 1.7185, it would confirm a bullish continuation within the context of higher highs and lows on lower timeframes.
Short term momentum remains negative below the key resistance levels. Downside risks remain favored until a daily closure above 1.8294 Fib level.