FIL / BitcoinLong
Filecoin/BTC Already Setting Up Nicely
The FIL/BTC pairing is already looking healthy as Bitcoin corrects with strong support (so far). Filecoin has retreated into the clear support zone of the market structure and has been bought up aggressively -- and we can already see a bullish divergence painted on the important 4-hour chart. The histogram was clearly trending up before the correction, and we are likely to see it return to the positive sign before long.
On both charts then, Filecoin has exhibited strong support and a tight spread across different markets. Large wicking does seem to indicate that the market is pretty well controlled by whales, but the wicks are almost perfectly mirrored across exchanges. This says to me that there is active accumulation going on in the support zone, and I am confident of a breakout fairly soon -- perhaps during this week.
On both charts then, Filecoin has exhibited strong support and a tight spread across different markets. Large wicking does seem to indicate that the market is pretty well controlled by whales, but the wicks are almost perfectly mirrored across exchanges. This says to me that there is active accumulation going on in the support zone, and I am confident of a breakout fairly soon -- perhaps during this week.
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