When Will Filecoin Begin Rising? | BITmarkets
Insights Analysis When Will Filecoin Begin Rising?

When Will Filecoin Begin Rising?

September 19, 2024 Analysis
BITmarkets | When Will Filecoin Begin Rising?

Since July, Filecoin has been in a period of consolidation, which can be frustrating for both long-term investors and short-term traders as the market accumulates liquidity without significant fundamental movement.

During such corrections, it's important to avoid entering with excessive volume, but opportunities still exist when key market signals align.

Currently, Filecoin (FIL) is trading near its annual low, offering a potentially favorable entry point for buyers.

Daily time frame analysis

filfilip1.1

FILUSD - 1 Day Time Frame

During this correction phase, there have been two significant sell-side liquidity withdrawals, creating potential entry opportunities for institutional market participants. Retail traders, without full price status information, must closely monitor key confirming signals before acting.

One crucial element to consider is that the price is respecting the Fibonacci 0.75 level of the candle’s wick. This is vital, as algorithms often interpret these wicks as gaps, making it a positive signal that the price is respecting a key support level.

When to buy Filecoin?

Traders looking to capitalize on this price action should wait for a clear confirmation. Specifically, they need to see the daily candle close above the current resistance zone, marked in orange on the attached chart. This confirmation would signal a valid buy entry.

After this confirmation, it's important to set a protective stop-loss order below the internal low, while also identifying two take-profit levels at key buy-side liquidity points.

In an ideal scenario, the price would swiftly close with a daily candle above the internal high, as indicated on the chart, signaling further upward momentum.

By following these steps, traders can take advantage of Filecoin’s potential breakout from its consolidation phase.

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