Silver appears to be finding support around a longer term area of horizontal price action. Also looks to be near the end of a descending wedge. The RSI also appears to be making a bullish divergence and double bottom (inverse head&shoulder?) formation.
The dollar looks to be in a rising wedge formation (bearish set-up). The RSI is also running out of steam with lower highs. It could bull trap above the wedge before breaking down with a wick or two. It could also simply topple over soon and end up falling out the bottom trend line. Looks likely to decide by early November.
Remember, a falling dollar is good for...
The grey line represents the major fibonacci extension level from the wave 1 (refer to my last post for a better look at that). The green line is a major horizontal support line. I see a potential higher low to be made. The fib extension acting as short term resistance and this horizontal line acting as support. After this, the wedge could break upwards. ...
It looks like we are in/ending a wave 4 correction. If the fib levels are to be taken as any serious indication - it has held incredibly well which we can assume is a bullish sign.
Below I will zoom in to show the importance of this Fibonacci support.
Silver has had a shallow retrace to the .236 level of the first wave. Providing an upside break of this ascending triangle (and hopeful retest as support) this would be a great set up to push towards the next Fibonacci extension levels (posted below).
The line target is a clone of the height of the triangle.
HEX is coming up to a major fib extension of the 1.618. I would expect this level to act as resistance or support once broken through. I believe we are in the 'macro' wave 3. (see link below for detailed chart).
'Others.d' indicates the dominance of altcoins outside the high caps. If this is currently a bear trap and the bottom trend line is re-taken then expect a bounce towards the top trend line. Irregardless of what happens after that top trend line is hit; this would mean that short/medium term the smaller market cap coins are in for a bullish few months!
Silver broke bullish out of a descending triangle (normally a bearish set-up) and held the .382 remarkably well. This is a very bullish retrace for a wave 2 as you would expect at least the .618 region.
Onwards and upwards!
If we assume the whole move up was an impulsive 5 wave structure; the dominance is now currently under the .236 Fibonacci level and the .382 may be next. I have (roughly) taken the height of the bearish descending triangle that broke down and cloned it for a breakdown target. This would also line up with the .382 level.
Here I am using the weekly candles. Although...