$FIL has demonstrated strong technical resilience, respecting the Golden Fibonacci Ratio after a significant correction. The price has rebounded from a critical support level, indicating potential for substantial upward movement. The next key resistance, based on the Golden Fibonacci Ratio, aligns precisely with the previous top, suggesting a 59% upside from current levels. This presents an ideal opportunity to open a long position with a favorable risk-to-reward ratio.
Key Observations:
1. Tweezer Top Candlestick Pattern: A tweezer top candlestick formation has played out effectively.
2. BTC.D Movement: Bitcoin Dominance (BTC.D) has declined sharply, a positive signal for the broader cryptocurrency market.
3. USDT.D Rejection: The USDT Dominance (USDT.D) index faced significant rejection, closing its daily candle below a critical resistance level. This is an extremely bullish indicator for the market.
4. TOTAL3 Recovery: TOTAL3, which tracks the total market cap excluding Bitcoin and Ethereum, has reclaimed a pivotal level, boosting confidence in the altcoin season's continuation.
Trade Details:
Entry: Around 5.185
Take Profit (TP): 8.1
Stop Loss (SL): 4.23
