Filecoin Correction Likely In; Some Consolidation Likely

Bitcoin has corrected, and it has corrected with strong buying coming in across the market to prevent a hard dump. This is great news for the whole crypto space, and potentially for altcoins in particular: a gently correcting Bitcoin within a larger uptrend is the perfect environment in which altcoins have tended to run in the past.

So Filecoin has retraced into its market structure support zone, and has been aggressively bought up to maintain that level. This is also good news, as Filecoin is now set up for a run whenever the market stabilises a bit. We should keep watching the daily and especially 4-hour charts for signs of bullish divergence and positive momentum in the coming days/weeks.