TradeCityPro | FILUSDT Money Stuck in the Weekly Range Box👋 Welcome to TradeCityPro Channel!
Let’s analyze another altcoin of the week amidst a market day where interest rate decisions weakened the dollar and strengthened crypto.
Scroll Down to Check Out the Analytical Chart as Well!
🌐 Overview Bitcoin
As always, we begin by looking at Bitcoin. On the 1-hour timeframe, Bitcoin has bounced off the $90,655 support and is currently sitting below the $97,343 resistance. After breaking this resistance, there’s potential for new positions.
To decide whether to open a long position on Bitcoin or altcoins, we examine Bitcoin dominance. Currently, while Bitcoin is green, dominance is red. However, when the $97,434 trigger is broken, check Bitcoin dominance; if it remains bearish, Bitcoin’s movement can act as confirmation for long positions on your altcoins.
📊 Weekly Timeframe
On the weekly timeframe, FIL is clearly stuck in a range, fluctuating within a box for about 900 days over two years.
We’ve repeatedly discussed the importance of avoiding purchases within range boxes and instead buying with momentum. While buying at the bottom of the box might offer numerically better entries, how does the risk of capital dormancy in this immature market compare? Remember, in a market like this, coins you hold could face extreme risks, as we saw with LUNA.
For exiting this coin, patience is key. If it breaks below $3.214, consider liquidating your holdings and exiting , For re-entry, the primary and ideal trigger is a breakout above $10.163.
After such a major accumulation phase, breaking out of the range box can signal a significant upward movement. Look for increased volume and RSI entry as confirmations.
📈 Daily Timeframe
In the daily timeframe, after exiting our accumulation zone and breaking $4.791, FIL initiated an upward trend that reached $8.082. This highlights the importance of buying with momentum, such as the “break the box” candle marked on the chart.
Currently, the price has returned to $4.791, a significant support level that was previously the box's ceiling and resistance but has now turned into strong support. It also aligns with the 0.618 Fibonacci level, further emphasizing its importance.
For future purchases in the daily timeframe, the best triggers are $8.082 and $11.559, in that order. A riskier trigger would be the $6.199 breakout, but this carries higher uncertainty.
For exits, activating your stop-loss below $3.214 is more logical for now. After breaking $4.791, I might consider opening a futures position.
⏱ 4-Hour Timeframe
On the 4-hour timeframe, it seems FIL has faked out the $4.803 support and is forming a V-pattern. This pattern will activate upon breaking $5.217.
📈 Long Position Trigger
i would personally take the risk and open one after breaking $5.217, staying aligned with the move.
📉 Short Position Trigger
I currently have no plans. However, if FIL gets rejected from this resistance and moves downward again with momentum and volume, I might consider a short position after breaking $4.803.
📝 Final Thoughts
Stay calm, trade wisely, and let's capture the market's best opportunities!
This analysis reflects our opinions and is not financial advice.
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