The odd part of this $ARB chart is the bounce: it stalled under both EMAs and rolled over right at 0.167, so the recovery never really got going. Structure's still bearish on the 1h. Price sits at 0.162, the recent swing low, and that puts it in discount after the sharp selloff. Sellers have had the run of this since the break. The 0.167 swing high is the reclaim that would change the read. Until then the bounce is just a pause inside the downtrend, and I don't think it's done going lower. Below 0.162 there's a cluster of repeated lows around 0.161. That's sell-side liquidity sitting right under the swing low, and it's the magnet here. Target: 0.161 Invalidation: 0.167 What to watch: whether 0.162 holds on the next test, whether any bounce gets back above the EMAs, and whether fresh longs building here fuel a squeeze that reclaims 0.167. That last one is the warning sign for the short side. A clean break of 0.161 and the chart's got room to keep sliding (the bounce was never convincing anyway).