$FIL
FILUSDT — Rejection at Weekly Downtrend Resistance
FILUSDT is trading at $1.318, showing clear rejection after testing the $1.351 weekly resistance level. The asset remains trapped in a powerful macro downtrend, down -74% over the last year. This bounce appears to be a classic bear market retest of broken support-turned-resistance, offering a high-probability short entry for trend continuation.
Trade Plan (Short - Downtrend Continuation)
Entry (Short): $1.317 – $1.312 (on a breakdown below the intraday support, signaled by a bearish 4H candle close).
Target 1: $1.295 – $1.290 (immediate support and the 24h low).
Target 2: $1.275 – $1.270 (next major support zone and measured move target).
Stop Loss: $1.335 (above the recent swing high and key resistance).
My View
The weekly and yearly trends are decisively, overwhelmingly bearish. Counter-trend rallies in such environments are to be faded, not followed. The rejection at this resistance level with increasing volume on the down move confirms persistent selling pressure. The most probable path is a swift drop back towards the lower end of the range. This setup is for disciplined trend traders. Wait for the rejection to materialize—a 4H close below $1.315 would be a strong signal to enter the short.
