SLV Siver - Bullish Trend Shift Finally?
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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