FIL has been trending in the range for the past few weeks. This currency's price decreased to $4 after breaking support in the range of $4.7-$5. Now its trend has ranged between this support and resistance. In the 4-hour time frame, this range trend is clearly defined. Important resistance is in the $4.5-$4.7 area, which shares this range with the previous resistance at $4.7. So unless the buyers can bring the price back above $4.7, the trend cannot be bullish.
If the selling pressure increases by breaking the current support, we can expect a sharp drop to the $3.20-$3.30 range. This area overlaps with the midline of the long-term descending channel, and if it is hit, it can give a positive reaction. For the short term, sellers are still more powerful, and we should wait until the price stabilizes at the support levels.
If the selling pressure increases by breaking the current support, we can expect a sharp drop to the $3.20-$3.30 range. This area overlaps with the midline of the long-term descending channel, and if it is hit, it can give a positive reaction. For the short term, sellers are still more powerful, and we should wait until the price stabilizes at the support levels.
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