Title: Filecoin Sweeps the Range Highs: Is a Sharp Correction Next? 📉⚠️
The Setup (SHORT $FIL ):
• Entry Zone: $0.6710 – $0.6820
• Invalidation / Stop Loss: $0.7050 (Clean hourly close above the $0.7005 sweep high)
• Target 🎯 1: $0.6500
• Target 🎯 2: $0.6350
• Target 🎯 3: $0.6150
The Market Narrative:
Filecoin spiked sharply to sweep buy-side liquidity above previous range highs at $0.700, but heavy supply absorption quickly triggered profit-taking and pushed price back inside the range.
The Technical Breakdown:
On the 1-hour chart, $FIL printed a textbook liquidity sweep above the previous August 15 swing high ($0.7005). The subsequent price action resulted in a swift rejection wick and aggressive selling pressure, forming consecutive bearish candles and shifting the micro-structure back to the downside.
The rapid vertical rally from the $0.6350 accumulation base left significant fair value gaps and untreated volume imbalances. With momentum fading and bulls unable to sustain acceptance above the $0.6800 level, the path of least resistance favors a corrective mean-reversion move toward the first major support shelf around $0.6500, with potential to retest key structural demand near $0.6150.
Do you see $FIL finding buyers around $0.650, or are we heading straight for a full retest of the $0.610 lows? Drop your view below! 👇
#fil #Filecoin #cryptotrading #TechnicalAnalysis
Disclaimer: This is for educational purposes only and is not investment advice. Always do your own research and manage your risk.
The Setup (SHORT $FIL ):
• Entry Zone: $0.6710 – $0.6820
• Invalidation / Stop Loss: $0.7050 (Clean hourly close above the $0.7005 sweep high)
• Target 🎯 1: $0.6500
• Target 🎯 2: $0.6350
• Target 🎯 3: $0.6150
The Market Narrative:
Filecoin spiked sharply to sweep buy-side liquidity above previous range highs at $0.700, but heavy supply absorption quickly triggered profit-taking and pushed price back inside the range.
The Technical Breakdown:
On the 1-hour chart, $FIL printed a textbook liquidity sweep above the previous August 15 swing high ($0.7005). The subsequent price action resulted in a swift rejection wick and aggressive selling pressure, forming consecutive bearish candles and shifting the micro-structure back to the downside.
The rapid vertical rally from the $0.6350 accumulation base left significant fair value gaps and untreated volume imbalances. With momentum fading and bulls unable to sustain acceptance above the $0.6800 level, the path of least resistance favors a corrective mean-reversion move toward the first major support shelf around $0.6500, with potential to retest key structural demand near $0.6150.
Do you see $FIL finding buyers around $0.650, or are we heading straight for a full retest of the $0.610 lows? Drop your view below! 👇
#fil #Filecoin #cryptotrading #TechnicalAnalysis
Disclaimer: This is for educational purposes only and is not investment advice. Always do your own research and manage your risk.