#FIL/USDT - Long - Potential 87.47%Strategy: Long
Exchange: BINANCE
Account: Spot
Entry mode: DCA Limit
Invest: 0.5 - 1%
Take Profits:
Target 3 : 7.977 104.64%
Target 2 : 6.002 53.98%
Target 1 : 4.711 20.86%
DCA Entries:
Entry 1: 4.232 - 50%
Entry 2: 3.546 - 50%
Current market price: 4.232
Stop Loss:
2.913 (-25.27%)
Analysis:
FIL has broken its 200MA peaking my interest in a very solid ALT at the start of a bull run.
With Spot ETF's increasing demand and the halving constricting supply (and multiple extremely bullish technical indicators) BTC and therefore the crypto market as a whole is looking bullish.
Traditionally the volume making its way into BTC would trickle down through the ALTS in order of market cap however the presence of looming regulation over the 2024 bull run will require traders to be more selective in the ALT market that previous bull runs where almost all ALTs caught enough volume from BTC to pump.
ETF applicant Greyscale recently published their analysis of the ALT market and included FIL amongst their 'assets with utility and service' section highlighting it as the standard in its asset class.
Why? Well FIL has a very real world utility. Data storage is not only a massive industry it is a massive growth industry and FIL presents a needed solution to the problem of centralisation that affects market leaders Cloudflare and AWS. Decentralized networks are resilient because the storage doesn't have a single point of failure. FIL offers data immutability, enhanced privacy and therefore better overall security. It also protects the integrity of a data’s location, making it easily retrievable and hard to censor.
I think FIL is therefore a 'best in class' ALT with massive upside potential in the market.
Technical indicators:
FIL is currently sitting in a large bank of buy orders (shaded rectangle) stretching from market price all the way down to 2.35 with a real concentration around 3.141 hence the stop loss positioning.
We've broken out of two bullish pennant / wedge structures (solid white and dotted white lines on the chart) showing that long and mid term downtrends have been broken and the RSI is showing strong upward momentum with loads of room before we hit overbought. Even then the last time the RSI breached 80 and went overbought price spiked a further 25% (Feb 15th).
We are about to move into sell order territory, breaking up from here is possible if BTC breaks and pulls in liquidity, if not and BTC retraces I'd expect the large caps to follow suit hence the DCA order at 3.54 (this may be a little low so be prepared to 'buy the dip' if price rebounds early in the case that BTC does correct).
TP's are derived from the FIB on the chart aside from TP1 which its the top end of the sell order block overhead. The idea being here that if we do get rejected we might wick up to this point.
24h Volume: 32516103.8382
Satoshis: 4.232
Analysis: TradingView
Volume last 24h: 32516103.84 USDT
Let me know what you think or f you have any questions!
