Filecoin FIL Coin Cryptocurrency Price News Today – Technical Analysis and Price Prediction 2023!

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Filecoin FIL Coin Cryptocurrency Price News Today – Technical Analysis and Price Prediction 2023!

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Hello and welcome to another update video about filecoin filecoin seems to have completed this third wave that’s at least what um what the chart suggests right now due to the sell of obviously filecoin join the sector wide sell off that we’ve seen today in the crypto

Market um I see this move up still as an ABC structure potentially so wave a to the upside wave B to the downside and a c wve to the upside which could get one more High 1 2 3 4 5 um please note that I don’t see this chart overall as high

Quality because it lost like yeah I think 99% of its value in the bare Market that means uh it’s Highly Questionable if it will ever go to new all-time Highs but for now we’re just tracking the structure and uh I have mentioned to you in previous videos we

Have a resistance area that goes all the or let’s say Fibonacci retracement area that goes all the way up to $88 so it really takes a break above $88 to tell me that this chart is doing something more bullish so it’s a huge undertaking to get the price back there we’ll see if

We get there I mean for now we’re tracking still an active uptrend um I will stop doing so below $435 ideally it holds $489 that’s the support I showed you last time I have now added the $435 level because I think it looks potentially like a diagonal the

Seawave could be a diagonal so I rather want to add the golden ratio level which in a diagonal is still a key level to watch not so much in an Impulse but I don’t want to suggest that this is a proper impulse to the upside especially

With this uh move down here it looks more like a three-wave move up this wave three and that means Wave 1 is a three-wave move wave three and wave five could also be an ABC pattern but most importantly The Wave 3 did what it needed to do it reached that Target box

We talked about it in the last video um it was reached on Tuesday I think it actually reached the target after my last video which is good to see and got rejected where it needed to so um I think when did I make the last video a

Few days ago and yeah we had this box on the chart as ideal range for wave three and then the wave four should really not break below $435 please import very important to understand that in a way four if this is an Impulse we don’t want

It to go below the 50% FIP level but if it’s a diagonal which it could be it’s sometimes not very clear when we deal with these altcoin sharts but because we’re dealing with a c-wave here it could literally be an ending diagonal and then we have to just give it a

Little bit more space I’d rather give it a little bit more space and then it’s still important to understand that even if we break below the golden ratio there it could still be a way four literally in a diagonal wave four and one can overlap and the only thing that

The wave four must not do is to break below the wave two low so the invalidation point is actually down there at around $2.95 Which is far away now I would probably not count it as a wave for if it goes down that much it would be something different but please note that

It’s there isn’t really that clear rule that I normally use for impulses where below the 50% FIP level we don’t count it that way anymore because it could be a diagonal below the golden ratio it unfortunately still could be a wave four it would be only in very rare cases so

It’s still pretty good level to watch but yeah I just highlight here um an area where the price in the current wave structure ideally turns around but please note that this is not a very high quality chart so I would not rule out that this support level breaks you can

Never rule that out anyway but I would not be Sur surprised at all cuz the chart as I said you know it lost like 99% of its value in the bare Market actually made a completely new low okay so you see the chart since the 2017 chart basically the beginnings and um at

Least here on gate.io and yeah I mean it made a completely new low broke even below the 2018 lows but that’s not good and the move down looks pretty pretty clearly like a five wve Move Like an Impulse down and the move up so far is

Also very weak so you know I consider that as an ABC structure so a wve b wve c-wave if they move afterwards to the downside is corrective it could give us another high and then we have an ABC over a larger a then this would be B

And we get another C it could still be a wave2 just reset that’s where the 88 Point uh4 USD level comes into place and play um because only a break above that level would make a wave two corrective rally less likely and would open the door to

New alltime highs and even then the price could still I mean in an alltime high scenario you know alltime high was around $240 so there’s still you know quite a b bit of distance to overcome to get there so yeah it’s a huge undertaking to get

Back it would take from here just from here a 3,000% move to the upside to even only get to the 2021 highs so it’s a huge undertaking so let’s see if he can do it I mean I’m open to it it’s just that uh just consider the context of

This chart so when we have a chart that is pretty potentially bearish even though currently the trend is up and I’m tracking it but we should be less surprised if a support level breaks yeah that’s really all I can tell you I think levels are clear as soon as by the way

As soon as a low has formed here in wave four the next High in a w five well ideally we reach the next higher Fibonacci levels possibly even $13.63 but the way this is going the wave three already finished I mean the wave five might only reach $104

$12.67 certainly pay attention to these levels and bear in mind there is going to be structural resistance where the previous a wave high was located around $950 yeah $950 if we look at the typical Target for a c-wave okay then what we can do is take the

Length of the a-wave we go to the low of the b-wave and the very first level I’m normally watching for is the 100% extension level that is at $10.78 so it’s pretty much in that white box there a break above that takes us to $13.63 these are the main levels

$154 yeah but we’ll see if we even get there so yeah just um just to highlight that we we probably currently in way for mentioning support one more High possible as long as the support level holds after one more High we have to potentially watch for a deeper pullback

That’s my update about um filecoin I hope you like the update if you did please hit the like button leave a comment and subscribe and if you really like the content then please check out the channel membership also make sure that you follow us on Instagram and Twitter for additional content thanks a

Lot for watching bye-bye [Applause] l