Silver has been put in strong trading zone for long positions
Hi
First of all, I have to say that I'm a newcomer and this is my very first analysis based on what recently studied about price actions and trends, so I just put my chart here in order to exchange ideas and record my ideas.
I've been watching the silver price for a week and as many of you know, I was really waiting for the 23$ to open a long position (which is equal to 61.8 fib level), but as it couldn't hold the price, I looked for another strong support at 22.6 wichs easily broke. So now the last support in this area is that low orange trend line. That trend line is so trustworthy cause it has held the price in the long term run. As the price reacted to this line, I was convinced to open a long position at 22.3$ (checked the pivot in the low time frames). The low trend line has also overlapped with the 71.6 fib level. I know it's not a relevant level for making a decision, but when you put all these data together, it seems logical to go for a long position. Note that if we lose this level of support, the next one would be 21.3$ ~ 21$.
Continue on I see three minor resistance at 22.6$, 23, and 23.5 in the way of reaching 24$. The price will struggle with these lines, but at the end of the day, I expect that we reach that high. It's too soon to talk about what will happen after reaching to 24$ level, but it's crystal clear that this level is so critical and if the price break that resistance, we would see another attack to the (almost) ten years high line at 30 $
First of all, I have to say that I'm a newcomer and this is my very first analysis based on what recently studied about price actions and trends, so I just put my chart here in order to exchange ideas and record my ideas.
I've been watching the silver price for a week and as many of you know, I was really waiting for the 23$ to open a long position (which is equal to 61.8 fib level), but as it couldn't hold the price, I looked for another strong support at 22.6 wichs easily broke. So now the last support in this area is that low orange trend line. That trend line is so trustworthy cause it has held the price in the long term run. As the price reacted to this line, I was convinced to open a long position at 22.3$ (checked the pivot in the low time frames). The low trend line has also overlapped with the 71.6 fib level. I know it's not a relevant level for making a decision, but when you put all these data together, it seems logical to go for a long position. Note that if we lose this level of support, the next one would be 21.3$ ~ 21$.
Continue on I see three minor resistance at 22.6$, 23, and 23.5 in the way of reaching 24$. The price will struggle with these lines, but at the end of the day, I expect that we reach that high. It's too soon to talk about what will happen after reaching to 24$ level, but it's crystal clear that this level is so critical and if the price break that resistance, we would see another attack to the (almost) ten years high line at 30 $