BluetonaFX - SILVER Potential Double Top Opportunity
Hi Traders!
There is a potential double top pattern forming on the Silver 4H chart. This depends on the very important level on the chart, which is 23.091.
Originally, we had a price rejection at 23.091, which we marked on the chart. The price rejection formed a price channel to the downside; there was then a break of this channel in an attempt to re-test 23.091, and we have found resistance again near this level.
If 23.091 holds again, the chart pattern will become a double top pattern, which is bearish. If there is a momentum break and a close above 23.091, the potential double top will be broken, and then there are long-term levels to the upside. We have a calculated long-term Vector level of 24.205.
There are opportunities for possible entries near 23.091, or another option is to wait either for a confirmation sign of a breakout or a reversal. There are great risk-reward opportunities for both options.
Please remember to like, comment, and follow us, as your support greatly helps us.
Thank you for your support.
BluetonaFX
There is a potential double top pattern forming on the Silver 4H chart. This depends on the very important level on the chart, which is 23.091.
Originally, we had a price rejection at 23.091, which we marked on the chart. The price rejection formed a price channel to the downside; there was then a break of this channel in an attempt to re-test 23.091, and we have found resistance again near this level.
If 23.091 holds again, the chart pattern will become a double top pattern, which is bearish. If there is a momentum break and a close above 23.091, the potential double top will be broken, and then there are long-term levels to the upside. We have a calculated long-term Vector level of 24.205.
There are opportunities for possible entries near 23.091, or another option is to wait either for a confirmation sign of a breakout or a reversal. There are great risk-reward opportunities for both options.
Please remember to like, comment, and follow us, as your support greatly helps us.
Thank you for your support.
BluetonaFX
