🔥 Setting up a bullish breakout for $FIL after a large clearing of long positions
$FIL cleared a significant amount of long positions at $1.273, wiping out over $29K from the market. This type of reset usually indicates the end of panic selling and sets up a base for a stronger bullish rotation.
Market Structure:
The price maintains the demand zone of $1.24 – $1.27, which was previously resistance and is now turning into support. Sellers failed to push the price down, indicating absorption rather than distribution.
Trading Plan:
Entry Zone: $1.25 – $1.29
Targets: $1.42 → $1.58 → $1.75
Stop Loss: $1.18
Sentiment:
Open interest declined after the clearing and funding calmed down, paving the way for a cleaner breakout. A steady recovery above $1.32 will confirm momentum for $FIL.
Stay patient, manage risks, and let the structure guide the trading.
Futures trading is risky 🤞 always DYOR
