"Analysis of XAGUSD - Weekly Box Break and Start of Movement"💹 Let's analyze and review silver, align our triggers and scenarios before the potential move, so we don't miss out on the likely trend.
🌟 We have a new program on this channel, in addition to daily analyses, from Monday to Wednesday:
Bitcoin and its dominance analysis on Monday
Ethereum and ETHBTC analysis on Tuesday
Gold analysis on Wednesday
I hope these bring you significant profits.
🔍 In the weekly time frame, silver has broken out of its crucial box, where it was contained for about 1400 days, but hasn't started its main move yet and is currently resting. Additionally, in the weekly time frame, the RSI entering the Overbuy zone and breaking the 72.59 level could signal the start of our move.
📊 In the daily time frame, after breaking the daily resistance and box at 25.73286 upwards, we are moving along an ascending curve line. We can consider this as a parabolic trend where this curve line provides suitable support for us each time, indicating the continuation of the trend, and after breaking the 32.16843 level, we will have this confirmation.
💡 Regarding the curve line, its nature is upward, and it can greatly help us in long-term trends in terms of identifying and changing the trend. When this curve line is broken in terms of price or time, we might range or witness a trend change.
🏦 In the four-hour time frame, our chart is in an upward trend. After moving from 24.40221 to the new peak of 32.168, we are currently recording green candles after breaking the downward trend line and pulling back to it.
⏰ In this chart, we have two complete examples regarding trend lines:
The red trend line is a reversal type, which after an upward trend and forming a support trend, can change the trend and requires trigger confirmation.
The green trend line is a continuation type, which after a correction, an upward trend forms and a position can be opened without a trigger.
🔍 Before reviewing the triggers, let's also review the Fibonacci levels. The crucial support of 29.38007 is exactly at the 0.382 Fibonacci level. If we rebound from this area and break the 32.168 resistance, we could have a suitable trend ahead. Additionally, it emphasizes the importance of supports at 27.666 and 26.54976.
📈 For a long position , after breaking the 30.81282 level and the main 32.16843 level, you can open your position. Make sure to be behind the chart for the 32.16843 level.
📉 For a short position , I won't open any positions for now. At least, I will wait for the 29.40251 support to be tested again and then consider a short position. This is because the absence of buyers could prepare the market for sellers.
💡 Regarding the 30.81282 trigger, there's a high chance of hitting the stop, and the 32.16843 trigger might go sharp and you may miss the entry. Personally, I would choose the first one.
🔻 Upcoming Supports: 29.38007, 27.66612
🔺 Upcoming Resistances: 30.81282, 32.16843
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.