Filecoin has defended the $3.0 psychological level since August. But a solid rebound remained elusive of late. Can buyers still benefit?
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opiniondefended the $3.0 psychological level since August. Previous retests allowed FIL buyers to seek gains at the overhead roadblock at $3.4. However, a recent retest didn’t lead to expected profits as a solidDespite the elusive bullish reversal, near-term bulls exploited the slight price bounce. The $3.2 was the immediate resistance.
The $3.0 support and bullish order block were crucial in the higher timeframe. A slight price bounce from the level to $3.2 could provide modest gains. However, a drop below $3.0 will invalidate the bullish bias. Notably, demand for the altcoin dropped in the Spot market as indicated by declining On-Balance Volume . Besides, the selling pressure was still present, as shown by the downsloping RSI.According to Hyblock Capital’s Liquidation Levels, liquidity was on the upside, as shown by more lines on the upside on the Liquidation Profile.
It meant that more medium and higher liquidation levels existed above the current price level. So, a likely liquidity hunt could push FILs higher in the areas. The larger bubbles existed at $3.20, $3.25, and $3.28. In addition, the Cumulative Liquidation Levels Delta has been negative since 17 October. It implied that there was more liquidation of short positions than long positions – A bullish bias.Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.
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