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 and welcome to another update video about filecoin uh we haven’t covered filecoin for a while because to be honest not too much was happening last time I covered it I think we were either still in the support zone or we’re just moving into the support Zone

But I presented you with this wave count which as it seems is uh still unfolding so the reversal took place where it needed to take place to keep the short-term bullish scenario alive let’s talk about some possibilities here it is not a very clear chart I have to say

That that’s one problem it’s not a clearly bullish chart I have to say and people will hate me for that but I have to say I would be surprised if filecoin gets to new alltime highs okay maybe I shouldn’t say I’m surprised I’m going to be surprised because literally you

Should never be surprised in financial markets but the better wording is I will be impressed okay um because this is one of the charts that lost like I mean like 99% of its value a little more than that in the bare market and it takes an

Enormous effort to bring it ever back to alltime high territory in addition to that you know um it’s a five-wave move down which which is not great so that’s um a very questionable chart the rally that we see at the moment could simply be a seawave in a wave two correction so

That’s my main thesis that we’re currently in some kind of a of a corrective rally okay so the idea is we had a five wave move down into the uh December 22 lows recovery very weak so I count it as an a-wave move down in a

B-wave this could be a c wave ending diagonal super ugly okay um ABC basically yeah what happens then that’s the problem we won’t really be able to tell now until we get a little bit more price action and data because the problem is whenever you have a three-wave move into One Direction

There’s a lot of work to be done um to really yeah get an info on what’s Happening next because after an ABC top the probabilities are just not clear they’re just not clear I will be able to give you a support area yes but literally which exact pattern is going

To unfold the prospects are just not very clear um it could for example be that if this is really an ABC structure in a wave two that next it’s going to break down to new bare Market lows I have to say in a bullish Market I do not

Expect that okay so what I think is reasonable to assume is that this ABC structure or let’s say this wave two and by the way I have the resistance area here on the chart just want to move it to the right a little bit um okay so that this ABC structure is

Likely just going to become a larger a a-wave because an a-wave can be a three-wave move then we could get a b-wave after that for which I can give you a support area and then a seawave rally if the bull run continues and if it wants to continue to participate in a bullish

Market I think that is a reasonable assumption not to assume that we go to a new bare Market lows at least not yet after the Bull Run possibly and the road map would suggest that filecoin has a chance in a more extended ABC correction to participate in a bullish Market just

Not in a let’s say five wve move move to the upside or anything that is um a a great setup or anything okay I mean we had a setup here the price reversed there because again I made the Assumption we are in a bullish Market I see a possible diagonal so the

Likelihood is we go up higher but it’s not like a five star setup okay similar situation we will have here most likely in this APC structure it’s a little bit uncertain what happens afterwards I mean technically speaking it could even form a long range in the sideways um you know

Structure but that’s the problem with ABC tops or ABC structures but let’s just assume it might follow some of the other coins that are in similar structures and could form a larger ABC pattern and the resistance area goes all the way up to $88 that means this

Assumption will not even get uh unlikely until the price has broken above $88 and has ried basically uh yeah 1100 uh% right so it it can still do decent I mean I’m not saying saying it will because we’re not here you you cannot it is very difficult to project Targets in

A corrective structure because you are basically working against the higher level Trend and the Assumption on this chart would be that the uptrend is uh well it’s not really an uptrend it’s a local uptrend yeah but it’s basically a counter Trend move so the larger trend

Is actually down because of the five wve pattern we’ve seen to the downside now I have to say obviously this is still objective analysis so what I will always give you is also the level where I know that I’m likely going to be on the wrong

Side and that is a break above $88 okay and that will tell me that this assumption has to be revised um because a wave two will normally not break be beyond the 78.6 retracement now then I have to say though the local trend is up so I am focusing on the upside

Absolutely because the local trend is up and it’s a bullish Market you know um but I’m just raising awareness about this chart and want to make sure that you on the side of caution once this next top is in and then it doesn’t matter to me if I call

That an ABC structure in an uptrend or if it’s a 1 two three if if a way four five happens afterwards I would afterwards fine you know so be it I will always give you the relevant bullish support levels as well but um and maybe my assessment will change along the way

For now it doesn’t make a difference because the trend is up anyway but I have to say caution here okay now what would be an ideal Target I mean the fifth wave if this is a fifth wave to the upside it should get into the region

Between $10 and4 and 1267 next uh okay it could also go higher but be aware that first of all at $8 roundabout there is a a breakout point or a a trend line um just thinking if there is another way of drawing a trend line here I may we

Could try to connect this I’m not sure if that’s useful at all I’ll put it here this trend line to show maybe there there’s going to be a reaction there um and that would basically be sort of in that area around $10 yeah but the trend is up so I’m not

Going to guess where exactly it’s going to finish the idea is we follow the trend Until the End um the problem is you know it’s obviously most likely a counter Trend move and um yeah as soon as I you know see see more structure I can give you also a micro support area

That we can then use to track the trend High the local uptrend that’s my update about 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

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