FIL has broken a pennant downside, It is good time to open a short and keep a stop loss just above the below trend line of pennant. Targets are posted.
- FILE coin is currently moving in this symmetrical triangle
- Also watch BTCUSDT for other important information about following move
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- Maybe one more wave to the upside, to finish 5th Elliott wave - very possible
- I think the trend is over and we are looking for a retracement
- We can see a rising wedge forming on the recent move - bearish pattern
- 100% gains in 3 days, i think it is too oversold for a short term
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On your feet, soldier. It's time to short $FILUSDTPERP.
FIL = Flimsycoin
USDT = United States Dollar Tether
PERP = Perpetually
To note:
www.binance.com
OBV (admittedly not the most accurate) shows that it may be possible all the Filecoin bought for staking has already been taken.
- Elliott impulse wave completed with a long wick candle at the end of the trend
- I do not really see a continuation, first we are looking for some kind of correction to the downside
- You can buy 0.618 fib for a short term bounce or double bottom pattern
- You can also profit from this move to the downside by using Futures market
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After breaking out of the resistance zone at 30-32$, this area is now quite reliable support for FIL. We can buy as close to this zone as possible for the target of 45$ or higher, but there is certainly a strong selling force at 45$ that we need to be wary of.
Stoploss below 29$ or short to 25-26$
