Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • Filecoin saw a wild pump of close to 20% over the past few hours
  • Buyers from lower levels can look to cash in their profits

Filecoin [FIL] has been in a downtrend on the daily timeframe since mid-April. But the past 24 hours have been interesting for certain altcoin bulls. FIL was among them as it surged 18% in the early hours of 3 July.


Read Filecoin’s [FIL] Price Prediction 2023-24


The lower timeframe structure and trend were bullish but the $5 level presented a zone of resistance that might be hard for the bulls to breach on their first go. Here’s where cautious bulls can look to book their profits, and also where the next rally could begin from.

The retracement after the market structure break gave a buying opportunity over the weekend

Source: FIL/USDT on TradingView

Generally, weekends see muted price action, although some weekends can see extraordinary volatility. The last weekend was a quiet one for FIL. The price flipped the market structure to bullish on Friday, 30 June. Hours later there was a wicked downward candle wick that touched $3.56 before rebounding to reach $4.25 on July 1.

The On-Balance Volume (OBV) took a hit during this downward move, but the events since then have shown that buying volume was far greater than the selling pressure. The Relative Strength Index (RSI) entered the overbought territory, although this does not signal a reversal was imminent by itself.

A set of Fibonacci retracement levels were plotted based on the volatility seen on 30 June and 1 July. It showed the 50% retracement level was at $3.91 and was almost tested on 2 July. FIL dipped as low as $3.935 but began to climb higher.

Bulls can wait for a move downward before looki

Go to Source to See Full Article
Author: Akashnath S

Did you like this?
Tip BTC Newswire with Cryptocurrency

Donate Bitcoin to BTC Newswire

Scan to Donate Bitcoin to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate Bitcoin Cash to BTC Newswire

Scan to Donate Bitcoin Cash to BTC Newswire
Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate Ethereum to BTC Newswire

Scan to Donate Ethereum to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some Ether:

Donate Litecoin to BTC Newswire

Scan to Donate Litecoin to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate Monero to BTC Newswire

Scan to Donate Monero to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some Monero:

Donate ZCash to BTC Newswire

Scan to Donate ZCash to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some ZCash:

BTC NewswireAuthor posts

BTC Newswire Crypto News at your Fingertips

Comments are disabled.