BINANCE:FILUSD   FIL / US Dollar (calculated by TradingView)
Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

For those who know me well, know that I have been a big fan of Storage coins like FIL, STORJ, AR and many more...

After the big increase in FIL this week, Storage coins are getting the attention of many investors.

Coins related to Metaverse, Defi and many categories had their time. Will storage coins be the next movers?

Let's get back to our price action analysis ;)

on H4: Right Chart
the bulls took over after rejecting the 5.0 round number and breaking above the gray range.

now what?

on DAILY: Left Chart
FIL is trading inside our red channel, so yes we are still bearish from a long-term perspective.

For the bulls to take over from a longterm perspective, we need a break above the last major low and 20.0 round number.

but first we want a break above the upper red trendline to invalidate it and then be able to test the 20.0

Meanwhile, the bears can still kick in to form a new major swing high around the upper trendline.

in this case, the new swing high will be considered our trigger swing, and the bulls need to break above it for them to take over from a long-term perspective.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!

This analysis is done using RichTL indicator


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