Filecoin bulls have secured the $4.25 support again. But late bulls can consider the trendline support if BTC crosses this level.
was yet to reclaim the previous range-low of $29.5k. If the king coin fails to reclaim the range-low, FIL could retreat and retest the $4.25 support again.
Besides, the trendline support has proven steady since mid-June. So, late bulls could wait for a retest of the ascending trendline support or the $4.25 for re-entry, targeting the D1 bearish order block of $4.8 – $5.0. A breach below the ascending trendline support will invalidate the above bullish thesis, especially if BTC registers more losses below $29k. Such a downswing could set FIL to devalue towards $4.15 or $3.5.
A look at the indicators suggested a possible resistance to the mild rally seen at the time of writing. The Relative Strenth Index and Chaikin Money Flow were approaching neutral levels. In particular, the RSI could falter at the mid-level before climbing above it, reinforcing the idea of another likely retest of $4.25.FIL’s Open Interest remained steady during and after the FOMC meeting, suggesting speculators retreated to watch the action from the sidelines.
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