Bitcoin has continued its correction throughout the last day, which is healthy and to be welcomed. This has put FIlecoin into, I argue, prime buying territory with the USD price going down to nearly $33. The reason this is, I argue, a buy is because of how well the FIL/BTC is holding up.
Here we see the chart playing out like clockwork, with Filecoin so far holding quite well in predictable support from the previous market structure. A bullish divergence is still present on the RSI, and the MACD/Histogram are both pointing up.
If this chart keeps holding up, it seems likely that we could see a strong rebound on the FIL/BTC pairing as soon as the market is confident that Bitcoin has stablised. Until this level is lost on Filecoin/BTC, I say that it's a buy.
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It's looking good, we just need a breakout from this channel.