$FIL 4H update. Current price 0.7570, -1.56% on the day. I am looking at the structure.
The most recent candle of
$FIL is a doji or near-doji, which means indecision at current levels. Doji candles at range boundaries are often turning points, but they need confirmation from the next candle before I act.
I am watching two levels on
$FIL . Above the market, 0.8070 is the supply zone. Below the market, 0.7520 is the demand zone.
$FIL has been oscillating between these zones, and the textbook play is to buy near demand and sell near supply, with a stop on the other side. The setup becomes interesting when price breaks out of this range with conviction. A close above 0.8070 on increasing volume opens the door to a measured move equal to the range height. A close below 0.7520 opens the door to the downside.
Volume on
$FIL is reading 0.26x the recent average. Volume is contracting. That usually means the current move is losing steam, and a reversal or consolidation is more likely than continuation.
If I am trading
$FIL , I would look for: a long setup on a retest of 0.7520 with a stop under the recent swing low, targeting the midpoint of the range and then 0.8070. I would look for a short setup on a rejection at 0.8070 with a stop above the recent swing high. I would not initiate a position right at 0.7570 because the risk-reward is not favorable at mid-range.
13 bullish bars in the last 4 days for
$FIL . The internal structure is mildly bullish but not conclusive.
$FIL |
#FIL #crypto
Kenji, technical analysis only. Patterns repeat until they do not. Risk management is your edge.