Filecoin Expressing Relative Strength
While the rest of the crypto/token markets are pulling back and Bitcoin down about 18% from its highs, we're seeing Filecoin individually outperform in the segment and looking to breakout into a recent high. In a classic equities market I would usually be much quicker to take my profits as equities don't usually see this much appreciation (unless we're talking penny stocks and high growth categories like software). In this case Filecoin is in the category of frontier technologies and the markets have not quite figured out how to price all of this yet.
I think given the way the current broader market price action looks and the positioning of this technology, there is going to potentially be more trading upside. Now if the pullback on the rest of the crypto and Bitcoin markets become severe enough then that may be enough to pull down Filecoin with it. The trick for me here is to observe what tokens are individually performing against the rest of the market as this is signaling to perform further analysis on that specific token/company.
Taking a further step back and analyzing the macro, we also seeing the dollar starting to rally here as yields become more attractive. I think if this macro picture continues it's path, then we may even see broader volatility across a broad spectrum of asset classes.
Let's watch!
enterpriseguy
I think given the way the current broader market price action looks and the positioning of this technology, there is going to potentially be more trading upside. Now if the pullback on the rest of the crypto and Bitcoin markets become severe enough then that may be enough to pull down Filecoin with it. The trick for me here is to observe what tokens are individually performing against the rest of the market as this is signaling to perform further analysis on that specific token/company.
Taking a further step back and analyzing the macro, we also seeing the dollar starting to rally here as yields become more attractive. I think if this macro picture continues it's path, then we may even see broader volatility across a broad spectrum of asset classes.
Let's watch!
enterpriseguy
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t.me/finvizclub
t.me/finvizclub
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