XAGUSD 1D. Silver in ascending triangle breakout?
I buy silver, not much to be honest. A few ounces here and there. But, I prefer crypto which is why I am taking the chance to sell some silver now. I think it is better invested in some quality DeFi projects. I want to add to Alpha & Rune positions.
The chart: Silver has been in an uptrend since March 2020. Culminating in an ascending triangle pattern. It looks likely it may retest the horizontal labelled 'B'. But see the smaller channel within, picked out in white? Looks like a bearish flag to me. Ascending channels such as this are destined at some point to break down and correct. Should this happen, I forecast trend line 'A' being touched and possibly failing in support to complete the start of a Fibonacci retracement that may retrace to the 0.168 level. This would neatly complete an area that has not been retested. I have labeled this. So, I'm sticking my neck out here and inclined to call a short.
Long Trade?
The great traders caveat, we need a plan for both eventualities. All this analysis becomes null and void if we can break over and hold with good momentum horizontal 'B'.
The chart: Silver has been in an uptrend since March 2020. Culminating in an ascending triangle pattern. It looks likely it may retest the horizontal labelled 'B'. But see the smaller channel within, picked out in white? Looks like a bearish flag to me. Ascending channels such as this are destined at some point to break down and correct. Should this happen, I forecast trend line 'A' being touched and possibly failing in support to complete the start of a Fibonacci retracement that may retrace to the 0.168 level. This would neatly complete an area that has not been retested. I have labeled this. So, I'm sticking my neck out here and inclined to call a short.
Long Trade?
The great traders caveat, we need a plan for both eventualities. All this analysis becomes null and void if we can break over and hold with good momentum horizontal 'B'.
