Arbitrum could present another shorting opportunity if bulls falter at the 23.6% Fib level.
A Fibonacci retracement tool was plotted between the August high and low. The 23.6% Fib level of $0.982 was a crucial support but was flipped to resistance. At the time of writing, price action edged higher towards the resistance level.
With a weak BTC, a price rejection at the 23.6% Fib level could present a shorting opportunity with modest gains. The take-profit could be set at $0.921 and the entry position at $0.982. A candlestick session close above $1.0 will invalidate the above short set-up. Such an upswing could tip ARB to target $1.02 and $1.06.
Meanwhile, the Relative Strength Index remained below 50 in the second half of August, denoting muted buying pressure. At press time, it approached the 50-mark and likely rejection could signal a price reversal. The Chaikin Money Flow was below the threshold, confirming capital outflows and cementing a likely short-play thesis.Since Friday, 25 August, the Open Interest rates slightly improved. It jumped from $103 million on Friday to around $111 million on 27 August. The uptick demonstrates improved demand for ARB in the derivative markets over the weekend.
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