Latest Update Filecoin Price Analysis June 2024 by MoreCryptoOnline

Bittime - Welcome to the latest update on filecoin price analysis. In this article, MoreCryptoOnline discusses Filecoin's recent movements, which show an uptrend. Previously, MoreCryptoOnline discussed the potential triangle pattern and highlighted its unreliability in the current cycle. Typically, these patterns may break in the opposite direction to the trend, and this has been evident in the current market scenario.

Analyzing Filecoin Market Patterns

The Filecoin market has formed a correction pattern, specifically an ABC structure in a three-wave downtrend. This structure indicates that the market may have bottomed out. However, predicting the right movements requires careful analysis. When the market moves up from a complex structure, the setup is not always reliable. Especially, if the initial rally after the low consists of three waves, this raises questions about the sustainability of the uptrend.

Using Elliott Wave Theory, if a trader has a one-two setup, the critical validation point is the $5.21 level (Rp 84,471.25). This provides traders with clear stop-loss levels, minimizing potential losses by adhering to risk management principles. Knowing when to stop is very important, especially in a volatile market like cryptocurrency.

Filecoin Current Support and Resistance Levels

Filecoin dropped into a support region, and such regions often signal a potential reversal. On smaller time frames, these patterns can be fragile and less reliable. Currently, for Filecoin to confirm the low formed on April 13, traders need to see a five-wave structure according to the Elliott Wave count.

• First Resistance Level : The initial resistance level is at 100% extension, around $7.14 (Rp 116,325).
• Third Wave Target : For the bullish scenario, the third wave must reach at least $8.5 (Rp 138,125). This target provides a decent third wave, and traders can then identify the next support area for the fourth wave.
• Fifth Wave Target : Reaching $8.66 (Rp. 140,825) or higher in five waves will confirm the formation of a bottom.

Potential Results and Key Levels

Until traders achieve these targets, the current rally may just be a corrective wave, potentially wave four, indicating another low around $4.38 (Rp 71,175). Key levels to watch include the breakout point at $6,675 (Rp 108,468.75), followed by $7.14 (Rp 116,325), and finally $8.5 (Rp 138,125) if the bullish trend continues.

Conclusion

If traders see five clear rising waves, this indicates a trend reversal, and traders can expect a pullback that holds the higher low. This setup will provide a more reliable entry point for the next wave up, which could potentially reach the $20 region (Rp. 325,000) and beyond.

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