Coin Update

FULL Altcoin Update: FIL (Filecoin)

A Quiet Place (For Now)

Nothing much happening here to be honest (as with most major altcoins at the moment). If you are a day trader, you might NOT find "quiet markets" interesting. However, if you are a position trader, you might see these circumstances as opportunities.

At the moment, FIL is currently trading just above the moving averages. Speaking of which, they are perfectly aligned but not yet as extended as with the pattern we see among "high flyers" -- and although that is the case, perfectly aligned moving averages do not always necessarily mean that something's about to blow up and become parabolic.  

Volume is below average, but on the optimistic side, the lows are ascending -- they're forming lower highs, which means that the buyers have kept buying every time the sellers are selling (so far). So at the moment, the buying interest is greater than the selling interest.

Areas of possible support:

Any of the moving averages

$54.8

$40.6

Areas of possible resistance:

$97.4

$120.6

$130.3 (minor)

$167.8 (minor)

$195.6 (minor)

$237.6

$430 (All-Time-High not shown in the chart)

If you place a trade now, we hope that you understand the risk: that FIL might go sideways for a longer time than you have expected, only for it to go down further. Not being pessimistic, but not all that goes down recovers, so be prepared for that.