Filecoin consolidated recent losses seen at the end of August. But a short-term recovery could only be feasible if BTC reclaims $26k and pushes forward.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Filecoin [FIL]
was poised for a short-term, narrow-range extension as it waits for a clear Bitcoin [BTC] direction. The recovery seen at the end of August was forced to a reversal at $3.56. The drop cracked a key short-term support of $3.2 but eased at a weekly bullish order block .The 4-hour chart market structure was bearish after dropping below the previous low and support of $3.2. A bullish bias could only suffice if FIL climbs above $3.56.
In the meantime, FIL consolidated recent losses above $3.1. The plunge eased at a weekly bullish order block of $2.68 – $3.12 .recovers recent losses. Northward, the key resistance levels are $3.56 and $3.80. Alternatively, the narrow, short-term range between $3.1 – $3.2 could extend in the next few hours/days if BTC overstays within its range lows near $25k.
Meanwhile, the RSI attempted recovery from the oversold zone but didn’t cross the 50 mark, illustrating muted buying pressure. But the CMF crossed above zero mark, showing capital inflows improved slightly.In the last few days, FIL’s Open Interest rates wavering suggested a likely range extension in the short term. The metric has fluctuated below $70 million in the last few days, indicating demand for FIL wavered over the same period.
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