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 well filecoin continues to move within this previously defined seawave most likely um of a wave 2 correction so you might um be wondering what that structure is well the problem is when we zoom out on this chart I can

See a crystal clear five wve move to the downside from the 2021 highs on the filecoin chart certainly not a clearly bullish chart rather bearish I’ve got a decline of 99 more than 99% of its value in the bare Market that’s even for an altcoin very bad yeah it’s more than

Many coins have done and the move up is currently extremely corrective also it provided it created a new low in this bare Market the move up is very weak at the moment as well and therefore I just have to see it I just have to see it as a corrective structure that’s currently

Developing so from this Wave 1 low that was formed in December 22 we’ve got a potential a wve to the upside a b-wave to the downside yep the b-wave might also have unfolded as a triangle but the proportions aren’t right for a triangle so I’m thinking it’s clearer if this is

Actually a wave 1 this is a wave two this is a wave three it actually reached my target that I communicated in the last video which was at $7.95 the 1.618 extension ideal Target for a third wave fourth wave okay and the fifth wave to the upside could still happen does it

Mean we have to get to the red box no okay no um I think possible next move up would would reach the next FIB levels here $881 $10 maybe a little higher but it also depends on how low The Wave 4 goes um what can always happen and

That’s obviously not let’s say not predictable at this stage is that for example we get a b-wave triangle eventually but that it might just form a much larger triangle okay before going higher that’s possible if it fails to create five waves it could turn into a massive b-wave triangle which will just

As you can see here possibly extend into a larger range movement like that okay bit too early to confirm that but that’s a possibility um also if we get one more High yep the wave two might be complete but if it remains a bullish market then this initial ABC structure a b

C might because it would be a very weak wave to it might might form a larger a b c but that’s not we we we will need to see how the market reacts after the next high because then we have five waves in the c-wave if we then see a corrective

Move down yep then we can say okay this was probably an A b-wave pullback and the c-wave might still extend higher I will certainly add a bullish support level even though that’s not really a great um tradable let’s say chart because it’s questionable and rather bearish not bullish we can still watch

For higher prices in the bullish market for anybody who wants for whatever reason to trade it um Fibonacci resistances obviously you might have heard the dog um Fibonacci resistance is obviously here the next levels if we see a break above the $7.95 level which was the last swing High next resistance is

$881 $104 1267 136 63 and then the very important 50% FIP level at $23 but there’s a lot of work required to even get there what’s important in the short term is to understand that um this is the key support level if we see a break below

$4.90 it will already get more difficult for the Bulls because a break below the 50% Fibonacci level is never good yeah in a way four um a break below the golden ratio which is the 61.8 retrace rement at 435 well that would basically mean that I would probably take the idea of the

Chart that we in a still unfolding diagonal pattern to the upside okay so it would then maybe it would then have topped already in an ABC and this seawave was very weak or we’re dealing with this massive triangle so to really keep going in this yellow count as it is

The $435 level really needs needs to hold and then we can look at possibly $10 next but yeah I mean there are better setups you know for for long trades at the moment than this but um I just highlight the levels to you really and also pay attention to that trend

Line which might create some resistance on the way up that’s my update about 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 and 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 [Applause] bye-bye