The <a href="https://www.cryptoknowmics.com/news/fil-technical-analysis-buying-spree-consolidates-before-reaching-30">FIL cryptocurrency</a> is desperately trying to find the bottom. This search has been going on for not so long ago - from the trading week of 9 May. It was during this weekly candle that sellers managed to update the historical low. The FIL cryptocurrency began to form its downward trend in April 2021 at the earliest. However, the most aggressive fall wave occurred in April-June 2022. During this period, the FIL market had no weekly candles to close above the opening price. The trading volumes were as high as possible. The last local downward impulse was caused by a loss of control over the $17.5 range. Buyers kept this mark from January 2022. After losing control of $17.5, the FIL price fell by 71%.

<img class="alignnone" src="https://s3.tradingview.com/snapshots/u/UPnCDQqw.png" alt="FIL" width="1386" height="791" />

<strong>Source: </strong><a href="https://www.tradingview.com/x/UPnCDQqw/" target="_blank" rel="noopener">https://www.tradingview.com/x/UPnCDQqw/</a>

Given the lack of a global bottom in this cryptocurrency, we do not recommend investing in FIL until buyers take control of at least $7.6. That is, until we see a rebound of the FIL price to about $10 and keep buyers at $7.6, we can not advise buying this cryptocurrency. Under the optimistic scenario and the retention of $7.6 by buyers, we will expect FIL to continue to grow with the next target of $13.7. This mark shows the global trend line of sellers. Given the nature of the fall in FIL prices, it is still unbelievable that buyers will be able to break the upward trend line for the first time.
<h2>FIL Technical Analysis On The Daily Timeframe</h2>
<img src="https://s3.tradingview.com/snapshots/6/60sQYzkV.png" alt="TradingView Chart" />

<strong>Source: </strong><a href="https://www.tradingview.com/x/60sQYzkV/" target="_blank" rel="noopener">https://www.tradingview.com/x/60sQYzkV/</a>

Analyzing the movement of FIL price on the daily timeframe, there is no noticeable change of initiative in the market. Although buyers were able to form a rebound in the daily timeframe, it did not change the situation. Candles are standard, volumes are standard - there is no desire to constantly buy FIL. Most likely, the coin price has moved to the formation of a wedge, where sellers will squeeze the maximum until there is enough strength. Most often, such a formation ends in a sharp price reversal. In the case of FIL, the price could fall to $4, giving investors a great boost with the first target of $6.2. Such a rebound of the price may be the first signal of the FIL reversal. If after such a rebound the purchase is not allowed to update the historical low - this will be a signal to buy FIL with the first target of $7.6.
<h2>The FILBTC Price Broke The Main Range Of 0.0004 Down</h2>
<img src="https://s3.tradingview.com/snapshots/d/D4BikfcN.png" alt="TradingView Chart" />

<strong>Source: </strong><a href="https://www.tradingview.com/x/D4BikfcN/">https://www.tradingview.com/x/D4BikfcN/</a>

Starting from April 2022, the FILBTC price hinted at a desire to fall below. Back in April, the range of 0.0004 was at risk of breaking. This range served as a historic low for FILBTC. Therefore, the return of the FILBTC price above the range of 0.0004 is too early to talk about a change in the market situation.

FIL Technical Analysis: Under What Conditions Can You Buy?

That is, until we see a rebound of the FIL price to about $10 and keep buyers at $7.6, we can not advise buying this cryptocurrency.

Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

FIL Technical Analysis: Under What Conditions Can You Buy?

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