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 um heavily requested coin at the moment Obviously good recovery nice reversal in the support Zone but yeah overall not a great structure obviously the idea is that um yeah basically what filecoin is doing at the moment is working on Wave

Five of C there that’s the current idea and I mentioned to you in the last update that the move up is seen primarily as a corrective rally because the market moved down in five waves from the 2021 highs so we had a wave one down a wave two corrective rally wave three

Down wave four corrective rally wave five down five waves down in what I would label wave one to the downside I could be wrong with that assessment and you know wave counting is to a degree subjective it could it could also be a WX YX Z pattern which is a corrective

Pullback okay that’s technically possible even if we look at the long-term chart it is um however it would be highly highly speculative because the market made obviously a new low in the um 2022 no yeah okay December December 2022 and it’s a pretty much yeah clear

Five wve move down um but of course you know it could always be that a chart restarts you know and the thing is it it lost like 99% in its value in the bare Market someone commented commented in the last video yeah every coin did that

Or every coin lost like 90% well that’s not true um but also so 90% isn’t 99 I mean 99% is quite ridiculous um so it takes a lot of effort to bring that price back up to where it um well you was used to be and you know that’s also why filecoin

Seems to be a little bit behind yeah just looking at the chart where it needs to go to in terms of where it needs to be where it’s in relation to the alltime high still quite far away now that can change quickly don’t get me wrong don’t

Don’t you know at the moment the trend is up and I’m very happy to track here a larger corrective structure and that would be already impressive if Falon can manage this a-wave b-wave c-wave inwave a so we’re basically now in this c-wave to the upside after this ABC structure

To be honest technically just technically the top could be in and we could break down completely I just want to mention it I mean the market can change quickly right if Bitcoin whatever sells off suddenly and whatever this is certainly a pathway it could take to new

Bare Market lows but in a more optimistic perspective the most bullish so got cut off there so the the most realistic bullish perspective I have available is basically that um yeah this is an ABC structure but it’s only the ABC of a larger a-wave yeah which forms basically a much larger corrective rally

And we could still get a B wve maybe for another entry Point similar to what this was yeah before it now started to the upside and then we could get another seawave which could be that Ma major altcoin season rally in which we could see it Go much higher and we can

Calculate a target for that once we have the a-wave complete and the B wve and then yeah I mean even this resistance area standard resistance area goes all the way up to $88 okay so only above 88 the bearish perspective perspective overall or let’s say yeah this risk

Management P perspective that I take here about this chart um this will get not invalidated but far less likely because a wave two would normally not Rally beyond that level um looking at the other resistances that we have there we have 2352 the 50% retracement

$461 and $883 37 we have this larger ABC structure looking at the seawave down there that’s currently unfolding the c-wave seems to be an ending diagonal and seems to be respecting um currently the the trend line there and so on the thing is what we can do and maybe I will redraw the

Trend line um because what we can do with Elliot wave and again it’s not exact science um but sometimes when we we have the the wave two complete actually it should sit the wave two low was here so I need to adjust it slightly when we have the wave two um low

Complete and the wave four low and we have the wave three anyway then we can add a parallel trend line the two four line to the top of the third wave and this could give us a potential Target for the fifth wave at least it is a

Level to watch and it is around the $10 Mark which I mentioned yesterday as one the realistic targets for that fifth wave I’m just highlighting you know this is um a potential level where the wave five of C could finish further extension so possible um it would also move

Slightly above the a-wave high which is basically good there is another way of calculating a Target which is we take the length of the a-wave we go to the low of the B wve and that would also take us to 1051 it might slightly overshoot so that’s sort of something

I’m watching okay so the area maybe around $10 to possibly 1267 just to capture the next Fibonacci extension level on the chart and then we need to see if this is already the a-wave then we might get a b-wave pullback they can sometimes be shallow but it’s a larger

Wave degree than this b-wave so we are going to take a look but it it could still just give us a shallow B wve it depends on the market conditions as well um back here in June Market was still quite bearish so it might very well be

That the B wve is going to be um shallow but needs to be corrective in nature um yeah I think that’s sort of what we can do right now and I think it can still stretch a little higher but please be aware that the price has now Reach This

Descending trend line it’s just also something to watch um but ideally it’s stretching to $10 that’s what I’m watching if I see evidence that the b-wave pullback has started I will try to let you know hope you like the update if you did please hit the like button leave a comment and

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