Confirmed Wedge Breakout on FIL/USDT - Targets to ATH ~$125

28 oct. 2023

Analysis 📈

FIL/USDT has been trading within a wedge pattern for some time, and it's just confirmed a breakout, indicating significant potential for gains. Here's a comprehensive analysis, along with potential take profit levels.

Technical Analysis 📊

1. Take Profit at $6:
The $6 level marks a key psychological resistance point. It's a good place to secure some profits as FIL/USDT continues to climb.

2. Take Profit at $10:
A common technical resistance point, $10 should be another milestone to consider locking in gains.

3. Take Profit at $15:
At $15, you're looking at a solid gain, and it might be wise to take some profits off the table here.

4. Swing Target at $22 (Golden Mean Ratio):
The Golden Mean Ratio, often a significant level in Fibonacci analysis, suggests a target of $22 for the first major impulse. This is a potential turning point.

5. Take Profit at $41 (78.6% Retracement Level):
The $41 level represents a 78.6% retracement, and many traders consider this level for profit-taking or reevaluation of their positions.

6. Take Profit at $60 (88.6% Retracement):
The $60 level is another critical retracement point and should be a focus for profit-taking.

7. All-Time Highs at $125:
This is the primary target - a return to all-time highs. A substantial resistance level, but if FIL/USDT can break through, it opens up the path to further gains.

8. Major 1.272 Fib Extension at ~$200-$230:
This is where the potential for significant long-term gains lies. A sustained move above $125 could lead to a run-up towards the 1.272 Fibonacci extension, estimated to be in the range of $200-$230.

Conclusion 🚀

FIL/USDT has confirmed a wedge breakout, and the path ahead appears promising. Consider taking profits at the mentioned levels, but also keep a close eye on the price action and adjust your strategy as the market evolves.

Remember, cryptocurrency markets can be highly volatile, so make sure to set stop-loss orders and only invest what you can afford to lose. Always do your research and consider risk management in your trading strategy.

Keep a close watch on FIL/USDT as it attempts to breach the $125 level and aim for those ambitious long-term targets. Happy trading!

This is not financial advice; always perform your analysis and consult with a financial advisor before making trading decisions.