In Bitcoin, which continues its horizontal movements with the new year, the eyes are turned to the new week. Although the uncertainty in Bitcoin limits the rise in altcoins, we see that some altcoins are forming nice formations.
Filecoin (FIL), which rose to $ 240 with its 10x rise in 2021 and satisfied many investors, is currently trading 85% below its peak.
Technically speaking, we see that there is a Filecoin traded below the moving averages.
Although it is negative data to be below the daily averages, due to the price moving too far from its peak and approaching the previous accumulation zones. in the medium term We think it can be evaluated.
The breakdown and retest of the downtrend also strengthens our bullish expectations. We can also see on the RSI that the downtrend has been broken.
At this point, while the price continues to accumulate in a falling trend in the short term, we see an up trend (purple line) on the RSI. This positive dissonance strengthens our expectations for a sharp rise in the coming weeks.
When we look at the previous price movements, we observe that a similar mismatch is also experienced in the accumulation region before the price made 10x.
In such cases, since we do not know how long the accumulation will continue, it may be useful to buy in parts to evaluate the opportunities in a possible pullback.
Against a possible pullback in Bitcoin, it is necessary to stop at the 4-hour close below $32.5.
If this level is the bottom as we predicted, you can examine the possible resistances on the chart according to the Fibonacci levels.
*Not Investment Advice.