Hello everyone! As always I hope you're all having a great start to your week. Update on Silver in 5 minutes or less:
Pattern is very similar to BTC where we've been seeing a series of LOWER HIGHs followed by LOWER LOWs, however there's a possibility that we're seeing the beginning of a trend change.
We're not out of the woods. We really need to take out the prior lower high that was followed by a lower low to increase confidence that silver is finally making a move back to ATH. That level is at $28.91. The critical support to keep is currently that pivot we saw on August 27th around $27.50.
Nothing is guaranteed in the markets, but probability of the next move being ATH is a move above $28.91 (lets call it $29), and probability that we may be seeing a move back to make a new lower low would be a break of that $27.50 level on a weekly timeframe.
Things look optimistic right now, but watch Gold and see what it does. There may be some rotation that has already start with SLV having a +10% week last week.
Have a great day everyone and thanks for reading!
Pattern is very similar to BTC where we've been seeing a series of LOWER HIGHs followed by LOWER LOWs, however there's a possibility that we're seeing the beginning of a trend change.
We're not out of the woods. We really need to take out the prior lower high that was followed by a lower low to increase confidence that silver is finally making a move back to ATH. That level is at $28.91. The critical support to keep is currently that pivot we saw on August 27th around $27.50.
Nothing is guaranteed in the markets, but probability of the next move being ATH is a move above $28.91 (lets call it $29), and probability that we may be seeing a move back to make a new lower low would be a break of that $27.50 level on a weekly timeframe.
Things look optimistic right now, but watch Gold and see what it does. There may be some rotation that has already start with SLV having a +10% week last week.
Have a great day everyone and thanks for reading!
CE - BitDoctor
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Access our private indicators and join our Premium Room: bitdoctor.org
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
CE - BitDoctor
Access our private indicators and join our Premium Room: bitdoctor.org
Beware of scams - I'll never DM you asking for funds.
Access our private indicators and join our Premium Room: bitdoctor.org
Beware of scams - I'll never DM you asking for funds.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.