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FIL - 1D. Tasty buy at $35 - tasty sell at $100

BINANCE:FILUSDT   FIL / TetherUS
A powerful explosion of liquidity in February 21 at the price mark of $35-40 began a new era in the FIL market. Just one month of confidence, optimism and aggressive growth gave Filcoin investors 400-500% profit. However, in almost the same time period, the FILUSDT price plummeted and is again approaching the powerful level of $35-40. How many investors have managed to fix profits at historic highs is a rhetorical question. However, in reality, an interesting question - is it worth expecting at least local optimism in the FIL market over the next 2-3 months?


As we can see on the chart, the FIL began its decline on April 1, right after the establishment of an all-time high at $238. A month of price consolidation in the range of historical highs, low volumes and weak buyers gave sellers confidence to continue the downward trend.

The first critical point that sellers took control of was the mark of $130 . Having broken this mark on May 13, stop orders of all buyers who bought in consolidation during the April May period were triggered. This fact helped sellers to lower the FILUSDT price by 55% over the week.

The first stop of the FIL price after a total fall took place at $55. However, the decline began to slow down earlier - from the mark of $97 . A fall wave of the type of May 13 does not stop at one point with a sharp reversal in the other direction. Such a powerful train of death must be stopped gradually. Even the mark of $55, which buyers guarded pretty tightly during May-June 2021, could not resist. On June 21, sellers renewed their locallow and the trend shows that this is not the end.

The aggressiveness of the falling trend has dropped significantly, local lows are updated more difficult each time. However, the continuation of the fall to the level of $35-40 is a very real and natural scenario.

There are also advantages of the current situation on the FIL market. First, the slowdown in the fall in the FIL price occurs at high volumes. This fact indicates the interest of large buyers to keep the price. Also, the transition of the downward trend to consolidation indicates that the market is preparing at least for an upward correction.

The first target of the local price rebound upwards is the mark of $97. Imagining how many investors are stuck in unprofitable positions and are waiting for at least the first strong level, we do not think that the first time buyers will be able to take control of the mark of $97. However, a 160% increase in the face of a likely change in trend in the cryptocurrency market is a remarkable result.

The high probability of testing the $ 35 mark is also confirmed by the FILBTC chart:
On the chart, we can see that the price is moving in a clear downward channel , which is correcting the upward wave. If the cryptocurrency market continues to fall, the FILBTC price may well fall another 35%. However, even this fact will not reverse the global growth trend that began on the FILBTC market in January 2021.
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Comments

simple and Powerful Setup 😋

Thanks For Sharing 😍
+3 Reply
@TRADiNG_hub thank you
Reply
good catch mate PS
+2 Reply
@TheSignalyst thanks bro
Reply
Amazing work here! Thanks for sharing
+2 Reply
@T_V_TreeTrader thanks for comment
Reply
valid trendlines and great job
+2 Reply
@MMBTtrader thank you
Reply
Very well explained 🔥🔥
+2 Reply
P_S_trade JasCracker
@JasCracker, thank you!
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