Filecoin FIL Coin Cryptocurrency Price News Today – Technical Analysis and Price Prediction 2024!

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Filecoin FIL Coin Cryptocurrency Price News Today – Technical Analysis and Price Prediction 2024!

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Hello hello and welcome to another update video about filecoin filecoin um is in the support area currently yeah we currently see the current uh rally as a corrective rally only it can take a different route I mean this sideways move that started end of last year with the low that was formed

In November at around what was it $2 here $230 $240 that sideways move that started at that point could also turn into a triangle I have already added the trend lines to the Chart you see that which represents basically yeah this kind of triangle shape the prices

Um yeah inability to really break out sort of you know you you see lower highs higher lows but really to get a triangle pattern on the chart in a proper Elliot wave triangle the market would need to do this so basically this here and another higher low if we do

This and this then we have our triangle and could break down um or it could be a b-wave triangle but we have absolutely not enough waves for that I’m just you know I’m just in parallel watching for a triangle which might form here it’s just

A bit too early to confirm it but it just doesn’t have the right look for this seawave to the upside I can tell you I can tell you that um CU what do we have on this chart we have quite an aggressive a-wave to the upside which peaked in February

23 we have a very deep b-wave which is okay for a b-wave they can sometimes dip a lot they can can retrace nearly the entire um advance in this a-wave and yeah I mean the c-wave that’s currently Happening Here presumably a seawave we’re just tracking an ABC because from

A corrective structure point of view um you know um C ABC structures are the most common ones yeah and as you can see there we had a wave 1 we had a wave two the wave three topped most recently in this target area that I defined in one of the

Last videos that was at $812 so it topped there the third wave then the fourth wave looks like a sharp correction currently dipped into the support area there between $435 oops and $6.39 and now we see a bit of a reaction there to the 50% Fibonacci retracement

And um now we just need to see if the price can really turn around rally in a fifth wave wave and break above the third wave high which was yeah basically here at around $815 $820 and then the fifth wave could complete the c-wave and what would

Happen then well to be honest then we have potentially a wave to complete which could mean a more substantial top there are in reality several patterns that could play out here I mean it could even be um it could even be I mean maybe this is

Forming a larger I mean this could be a larger AB C in an a wve instead of wave two then we get another B down but even then this would be a more substantial top and then the c-wave could extend because the resistance area for this

Wave 2 is quite huge here resistance is between $13.63 and 8840 so we just need to watch should we ever get into this region and this chart looks so so weak but should we ever get into this resistance region then these are the FIP levels to watch

$13.63 $23 54 $40 63 next there are you know there’s plenty of resistance in the way the mar you know the price itself hasn’t really done much not very exciting and it just it just at least I mean it it could form a triangle which would be super boring um but the chart

Is just weak I mean it retraced 99% of it value in the bare Market that is really a disaster it really is so what I don’t see is a high likelihood for getting back to alltime high targets I just don’t see it the market might you know the market might change the

Structure might change it might surprise and all that all that stuff while I am very open to a more extended corrective rally you know I just don’t see it with a high likelihood that it’s going to go to new atime highs um a break below 435

By the way which is the lower boundary line of this support area I mean that would make me look for a larger triangle because then I would look for support in this region of the low lower boundary line and it could form a larger triangle but certainly that doesn’t mean it’s

Bullish so yeah that’s my update about filecoin not really much to update we you know I think at the moment if I want to summarize the the the parameters it’s the area here between yeah 4 89 and 435 that is now you know really relevant for support really relevant for support and

Then it needs to break above that $85 level to give us five waves up then next substantial top in place with a high likelihood a more direct breakdown below five um no 435 would be indicated by a head and shoulders pattern and could send us down to that

Trend line and then I’m looking for a larger triangle and then there are different options how this could unfold right could be a-wave here a large b-wave triangle and then the c-wave up the thing is why I’m looking for a triangle really is because it just doesn’t have

The right look for an ABC it just H I don’t know it just doesn’t add up but we’ll see how it develops certainly nothing clearly bullish I don’t see any reason to be long on this chart there are other setups that are clearer um Al that haven’t retraced 99% in the bare

Market because that’s a sign of weak so yeah I keep you updated nevertheless I know a lot of people are interested in filecoin 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 all