Filecoin LongFilecoin is severely oversold, especially when considering their progress developing the network and its relationships. Technicals suggest that price action may go lower however at the current level it's a solid place to take a long position. FIL price has formed a double bottom at $16.75 and $17.10. It may retest again to create a triple bottom which would further confirm a position in this zone. Cross section resistance coinciding with 0.236 Fib resistance places the primary target in the $60-82 range. A position here to the primary target is a >3:1 reward:risk ratio. Prior volatility suggests parabolic moves up can be sudden and the throwbacks significant... as much as 30-40% from the initial surge. The resistance zone around the daily 200MA may be a good place to play the throwback and increase holdings by 15-25% before closing at the targets above.
If price drops below the Fib baseline ($16.75), stoploss out (and be sure to reenter if price reverses and heads above). Price should stabilize in the $12-15 range if Fib baseline doesn't hold.
FIL/BTC chart to follow.
