Technical analysis by wolfchemist about Symbol FIL: Buy recommendation (1/22/2025)

FIL/USDT forming a symmetrical triangle pattern, typically a continuation or breakout pattern.Symmetrical Triangle FormationThe price is consolidating within a narrowing range, forming higher lows and lower highs, indicative of a symmetrical triangle. This is often seen as a neutral pattern, but given the previous uptrend, it leans bullish.Potential Breakout ZoneA breakout is expected once a 4-hour candle closes above the upper trendline. This would signal bullish momentum and provide an entry opportunity for a long position.Key LevelsCurrent price is $5.107.The immediate target after the breakout is set around $6+ based on the pattern's height and prior resistance levels.ConfirmationWait for a confirmed close above the trendline with strong volume before entering the trade. This minimizes the risk of a fake breakout.Risk ManagementSet stop-losses below the triangle's lower trendline or near recent lows to manage risk effectively.Keep a close watch on the breakout level. If the price closes above the triangle with momentum, a move toward $6+ becomes a likely target.