Filecoin is a decentralized storage network. Its goal is to transform cloud storage into an algorithmic market ("distributed cloud network"), entirely governed by its users. Their idea is that miners can rent their unused storage and receive FIL, Filcoin's native cryptocurrency, in return.
After doing a pullback of 100% in just some days at the end of July, FIL has come back to the ALT established in Mid June. It seems that FIL would make another leg down. Indeed, the prices lost the base line ($5.1) and retested it with a potential rejection.
Moreover, MFI indicator forsees a break-down (to be confirmed in 1 day). OBV indicator is also moving under the resistance trendline.
I'm using Fibonacci retracement to figure out the next targets of FIL if it is rejected by the current resistance ($5.1) and drops.
After doing a pullback of 100% in just some days at the end of July, FIL has come back to the ALT established in Mid June. It seems that FIL would make another leg down. Indeed, the prices lost the base line ($5.1) and retested it with a potential rejection.
Moreover, MFI indicator forsees a break-down (to be confirmed in 1 day). OBV indicator is also moving under the resistance trendline.
I'm using Fibonacci retracement to figure out the next targets of FIL if it is rejected by the current resistance ($5.1) and drops.
Trade closed manually:
trade closed waiting for better entry and condition.
