ft-73

[Watch it] With a supportive BTC >100% upside is possible.

BINANCE:FILUSDT   FIL / TetherUS
FILUSDT suffered a >75% correction since september, with no sign of recovery so far.

Yet by hyphotesis a supportive Bitcoin may help it to achieve a turnaroud.
Hence closely watch both.

Speaking of FILUSDT, we can appreciate a falling wedge close to apex and a quite long red TD count (> 9 already). There's some slight flattening on both MACD and Stoch RSI , but no clear signal so far.

Now let's take a look to its relative "strength" vs BTC .
This is FILBTC on weekly:


We have a falling wedge as well and price is pretty close to some important support.
Both RSI and MACD show some flattening. We appreciate a very long red TD count (>14), similar to the one that ended in august with a +100% bounce.

Conclusion: FILECOIN will eventually play an important role in Web3 development (distributed storage complimentary toi IPFS).
Better keeping it on the radar.

Given the actual picture it may be well worth to accumulate some FIL for long term on ongoing relative+absolute weakness.
If it manages to stay afloat of its blue supports (and confirm those wedges ) a three-digit percentual upside my well be in the cards.

Depending on the outcome 66$, 110$ may come into sight.
Remember the tie with Bitcoin though.


Trade active: Bought first batch at 27,65$.
Will accumulate echa 10% down to 20$, having the chance.
Comment: Beware, highly risky trade.
DYOD
Trade active: Added 1 batch
Trade active: Added 1 batch @24.14$.
Trade active: Comment: Added further batch @21.9$.
Enough for now.
Comment: TD count 14 on weekly, TD count 9 on daily.

Trade active: Fair enough, bought a last lot @18.85$.
Done with accumulation.

Now i'll wait, time mostly depends on BTC.
Comment: Some progress.


Needs Bitcoin to bounce.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.