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With the appearance of a hidden bearish divergence in Filecoin indicates the potential for weakness in the near future.

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[Filecoin]

Although the both EMAs in Filecoin have not yet formed a Death Cross, but with the appearance of a Hidden Bearish Divergence on the RSI(14) indicator, which is also in the Neutral-Bearish level, suggests that there is potential for weakness to occur in Filecoin shortly.

Key Levels

1. Resistance. 2 : 1.652

2. Resistance. 1 : 1.595

3. Pivot : 1.553

4. Support. 1 : 1.496

5. Support. 2 : 1.454

Tactical Scenario:

Pressure Zone: If the price of Filecoin breaks down and closes below 1.496, it may test the level at 1.454.

Momentum Extension Bias: If 1.454 is broken, Filecoin could potentially weaken down to 1.397.

Invalidation Level / Bias Revision:

The downside bias is restrained if Filecoin strengthens and breaks out to close above 1,652.

Technical Summary:

EMA(50) : 1.561

EMA(200): 1.557

RSI(14) : 45.89 + Hidden Bearish Divergent

Economic News Release Agenda:

Tonight from the United States, the following economic data will be released:

US - Prelim UoM Consumer Sentiment - 22:00 WIB

US - Prelim UoM Inflation Expectations - 22:00 WIB

US - Personal Income m/m - 22:00 WIB

US - Personal Spending m/m - 22:00 WIB

US - Consumer Credit m/m - 03:00 WIB

With the appearance of a hidden bearish divergence in Filecoin indicates the potential for weakness in the near future. - ExpertFX School

The material has been provided by InstaForex Company - www.instaforex.com
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