Filecoin has been progressing up very nicely in the past week. After breaking out a few days ago from a clear downtrending consolidation, it has climbed up with textbook breakouts level by level.
Here, though, we are seeing a threat to reduce those gains on the BTC chart. Filecoin is testing its short term market structure again, and we don't want to see it lose this level. The histogram is ready to plunge to the downside right about now, so if this level breaks we might see a high velocity return to the .00078 area.
If this level does hold, though, we can maintain a very bullish outlook for FIlecoin in the coming month(s). Bitcoin has performed marvelously, shaking off its recent gains with a very healthy period of correction and consolidation which is so tame that it is all but impossible that the long term crypto bull is over.
Here, though, we are seeing a threat to reduce those gains on the BTC chart. Filecoin is testing its short term market structure again, and we don't want to see it lose this level. The histogram is ready to plunge to the downside right about now, so if this level breaks we might see a high velocity return to the .00078 area.
If this level does hold, though, we can maintain a very bullish outlook for FIlecoin in the coming month(s). Bitcoin has performed marvelously, shaking off its recent gains with a very healthy period of correction and consolidation which is so tame that it is all but impossible that the long term crypto bull is over.