Arbitrum Price Forecast: Bearish Pressure Takes Upper Hand

Arbitrum Price Forecast: January 20

The Arbitrum price forecast suggests that bearish pressure dominates the market, potentially driving the price toward the lower support level at $0.6023.

Arbitrum Long-Term Trend: Bullish (1-Day Chart)
Key Levels:

Resistance Levels: $0.9220, $0.8500
Support Levels: $0.6673, $0.6023
The Arbitrum market is broadly consolidating between the $0.9220 resistance and the $0.6673 support levels. However, the consolidation may culminate in a downward breakout due to the bearish bias evident in the market’s structure. The coin has formed a head-and-shoulders chart pattern, a well-known bearish reversal signal. This pattern is likely to increase pressure on the support level, potentially dragging the price down to around $0.6023.

Arbitrum Price Forecast: ARBUSD Outlook

ARBUSD has yet to recover from the bearish impact it faced as 2023 came to a close. The price remains confined within a consolidation phase.

Currently, the bears maintain control, pushing for a downward breakout. The head-and-shoulders formation underscores the bearish sentiment. On the daily chart, the Parabolic SAR (Stop and Reverse) dots remain below the candles, signaling ongoing consolidation.

The 1-day Momentum indicator has dipped into negative territory since the second week of January, reinforcing the prevailing bearish momentum.

ARBUSD Medium-Term Trend: Bullish (4-Hour Chart)

On the 4-hour timeframe, the price has revisited the $0.6673 support level, completing the head-and-shoulders chart pattern. Additionally, a series of Parabolic SAR dots line up above the candles, reflecting consistent bearish pressure since last Friday.
The 4-hour Momentum indicator mirrors the daily chart, fluctuating and dipping below the zero level. Unless a significant reversal occurs, the market is likely to break downward, with the first target being the $0.6023 support level. Traders monitoring crypto signals should prepare for potential short-term bearish moves.

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