Filecoin Squeezed Into Compression Zone Ahead of Breakout
Filecoin has been consolidating/correcting during Bitcoin's correction, at the picture remains moderately bullish. While I was hoping for a breakout from this formation (a downtrending channel) already, I wasn't necessarily expecting it.
We currently see FIL/BTC double-bottoming within this channel, which has led the asset into a compression zone above the important 70k satoshi level. This level more-or-less marks the border between the current market structure, and the meat of the previous market structure. This level is where the VPVR volume (not pictured) starts getting thick; and we should also note that it is between the .618 and .786 Fib levels (also not pictured).
What this means is that: we don't want to see Filecoin lose this level. If we do, there is not much support left (but also not none) before this market structure is invalidated. The good news is that the indicators are still in favor of support here: on the 4-hour, the RSI is still diverging bullish, and the Hist+MACD are both stable and ready for positive movement.
Volume has not shown up. We are going to want to see that volume come in today and push Filecoin out of this red zone and back into a local uptrend within the current structure. There are only a couple days left of runway for this to play out, according to my analysis.
Updates as they come!
We currently see FIL/BTC double-bottoming within this channel, which has led the asset into a compression zone above the important 70k satoshi level. This level more-or-less marks the border between the current market structure, and the meat of the previous market structure. This level is where the VPVR volume (not pictured) starts getting thick; and we should also note that it is between the .618 and .786 Fib levels (also not pictured).
What this means is that: we don't want to see Filecoin lose this level. If we do, there is not much support left (but also not none) before this market structure is invalidated. The good news is that the indicators are still in favor of support here: on the 4-hour, the RSI is still diverging bullish, and the Hist+MACD are both stable and ready for positive movement.
Volume has not shown up. We are going to want to see that volume come in today and push Filecoin out of this red zone and back into a local uptrend within the current structure. There are only a couple days left of runway for this to play out, according to my analysis.
Updates as they come!
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