Filecoin (FILUSD): Preparing for a Gap Fill - Levels to Watch

29 maj

For Filecoin (FILUSD), we are currently looking at a scenario where there is a Weekly Fair Value Gap above us. We are quite confident that this gap will be filled; the only question is when. We believe there is a potential good entry point at the current levels.

Below us, we have several supports. The first support is a 12-hour demand zone. Additionally, we have an Order Block Cluster and a simple support zone. These levels, combined with a favorable volume profile, should provide enough momentum and support for an upward move.

Our primary target is the Weekly Fair Value Gap close. Once this target is reached, we will reassess the situation to determine whether the price will continue upwards or face a sell-off. This reaction will guide our next positioning. For now, our strategy is to aim for the gap close and position ourselves accordingly.

Additionally, when we examine the Liquidation Heatmap for Filecoin, we notice several liquidations above our current level, specifically between $6.35 and $6.65, just above the recent high. This indicates two possible scenarios:

1. Liquidations Triggered and Pullback: We might move up to trigger these liquidations, then experience a deeper pullback.
   
2. Liquidations Triggered and Continuation Upwards: Alternatively, we might fill our current support levels and then move upwards towards these liquidations.
   

If these liquidations are absorbed, we could either shoot through and continue upwards, or we might pull back after triggering them, leading to a potential continuation to the downside.

It's important to be aware of these scenarios. Given that there are few liquidations below the current level, we do not expect significant downward wicks or deep pullbacks.



Looking at Filecoin on the VWAP chart, we observe a sideways movement where the price repeatedly moves up and down but always returns between the 2024 Q1 VAL and the 2023 Q4 VAH. These two levels appear to be holding as our current range.
We expect a small pullback, supported by the 2024 Q2 VAL and the 2023 Q4 VAH. These should act as our support zones on the VWAP chart. On the upside, our target is the 2024 Q1 VWAP at $7.70. Above this level, we anticipate resistance around $9.32.

This analysis suggests a short-term strategy of buying at the support levels and targeting the identified resistance points.

31 maj

Zlecenie aktywne

We've successfully entered our position in Filecoin and had a positive reaction to our entry. Now, we need to maintain this level to target the FVG soon. Everything looks good so far, and we'll keep you updated on any future adjustments or insights about FIL.