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Filecoin
Long
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Filecoin - Play the reversal Pattern. Start building longs.

Filecoin may be forming a giant inverse head and shoulders/triple bottom. This is granted that we don't bust through the low 2.00ish area and get price discovery to the downside.

I would be buying as low as the low 2.00 area, and as high as 5.00-6.40.

Unfortunately, I don't think that this market cycle is going to be as strong as the others, so we may only see the measured move play out from the inverse head and shoulders. That would take us to key resistance at around $16.00.

If we are very lucky, then we may get to attack the upper targets as we did last market cycle - that would be 36.00 as the next milestone after 16.00. Then 55-56.00, then 86-87.00, then 220-230.00 again if we get extremely lucky.

The way that this market cycle is looking, I am personally not setting my expectations beyond 16.00 for Filecoin. I'd love for that to be proven wrong, trust me!

As always, I appreciate the collaboration!
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snapshot We got some nice rejection from the $4.26 Resistance. I think that we will have a chance to buy anywhere from the low 2 dollar area to the 3.40's soonish.
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snapshot OK, we had to take a nice shot at the 4.26 resistance area. I still do think that we get a shot at buying at 3.40ish or below soon.
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snapshot We got a nice healthy downward wick on a 2W basis. So, perhaps we might test the current lows short term, but on the larger time frames, we may be building the start of some nice upward momentum.
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snapshot We are getting a good amount of top wicks on the 12H timeframe at the 4.26 resistance area. There is a good chance that we test the current lows. Our other likely option is testing 5.00 before maybe having another shot at lower levels.
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snapshot so far we might push to 5 bucks. This patch of support/resistance lasts until about 4.56, then it is free reign up to 5 bucks.
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snapshot we confirmed short term support at 4.26. We will probably break through this small S/R area from 4.26-4.56, and test 5.00. 5.00 is the true test here. I'm happy either way, but it would be cool to get more opportunities at lower prices.
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snapshot We did attack the 5.00 area, and have wicked down from it, creating a gravestone doji on the 12 H chart, and now a confirmation candle following it. Only wicks above the 4.56 resistance. So, this gives us a great chance to retest the lows, and I for one would love to get this around 3.00. Let's see what happens.
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snapshot The 2 week momentum just tells me that we are probably in good standing from here. Any retrace toward 4.26 or if very lucky..below 4.26...buy it! Anything under 6.40 is a good buy IMO, though.
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Yes - just as the last update stated, any retrace from here IMO is a strong buy! Especially 4.26 and below. We have a strong looking 2W presence, and a retrace will be coming from a 3D-1D basis. It looks to be very soon if we get this retrace - and again just to emphasize...as it looks now...it will be a STRONG BUY!!!
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I bought some more on this dip below 4.26. I embrace another dip if it comes, too. That might not happen before we get a large upward move, though.
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snapshot So, the 4 yellow boxes are profit taking zones if Bitcoin is able to overcome its current challenges. Someone had commented on this post talking about how we have consolidated in this area for a long time...therefore we should be able to hit upper targets no problem. I do agree with that logic, but it does miss some of what the current potential challenges are. Bitcoin printed a gravestone doji on the 2 month chart, followed by another large top wick on the next 2 month candle. That is a tough challenge, and if we do defeat the 2 month candle(s), we still face bearish divergence on the upper timeframes if we don't get a lot of momentum in the meantime. That is why I cautioned everyone to temper their expectations beyond the 14-17 dollar area. Every bit of me wants to believe that I giant inverse head and shoulders will take us to what I think that it should take us to, which are the upper targets in this chart.
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snapshot The 3D chart has seen a lot of rejection in this current area. I think that the 3D chart may make us test the lows. If this happens, I am still advocating a strong buy. Where we are at currently under 5.00 is also a great buy. I would save a good chunk of dry powder in case we do decide to test under 4.00 again...and do small cost averaging otherwise. That's my plan at least.
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On the other hand, things are looking pretty positive for Fil as far as I am concerned. So again, to reiterate...I'd continue to cost average in at these levels, but keep a heads-up just in case we get an even greater opportunity from below in the meantime.
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snapshot the rejection is strong on the 5D chart, too. It does look very likely that we test the lows again.
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If we actually retrace before taking off - I am still reiterating that we are currently a strong buy for FIl, and the retrace will be an extremely STRONG BUY!
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snapshot I have been buying this dip..as much as possible while still saving for maybe even lower. I think that we may stabilize in this current area above the 3.40ish S/R.
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snapshot watch this short term retrace closely, it could be a shot at the prime opportunity here! Watch for 2.95-3.00ish to hold. I've been buying heavily since we went under 3.42ish.
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snapshot My bags are packed. We have a beautiful bullish divergence on the 2D chart to help support us here, too. Always have dry powder in case we are given ridiculous opportunities, but I have done a majority of my buying as it is now.
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I just wanted to say that I couldn't possibly be anymore bullish on Filecoin right now. That is all for now : )
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snapshot Not a whole lot has changed. I am still buying Filecoin with both hands! I purchase some every single week!
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snapshot what we need to happen is to have some really good momentum to launch us out of this accumulation area. We need to be able to establish support above the 14.45 - 17.15 area. If we can do that as we did in the last bull run cycle, then we can use that as a launch pad for the higher targets. The area of interest is circled in pink in both last cycle, and on this side of the chart as well.
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snapshot I just made another purchase this morning. We need to break this blue downtrend line in order to make any sort of meaningful upward price action. I'll continue to buy if we stay suppressed in price, though.
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snapshot I guess that you could call this a big falling wedge that we are in currently. I personally think that we have a break-out of it soon. We are building some serious pressure currently.
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We are finally starting to head into the next phase of this bull run! After seeing Bitcoin make it past 80K, the 5.3 theory...I am feeling pretty confident that Filecoin can at least get us $36-$60. I honestly think that higher is very possible now, though. I could see $100+ no problem.
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I don't expect Fil to break its local trendline, but if so, at worst I think that we test the 4.00-4.26 area as support before climbing higher beyond the 6.42 S/R.
LoneWolf1425
FibonacciHead and ShouldersSupport and Resistance
LoneWolf1425

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