Hello fellow silver lovers and TA fans. I'm a big silver coin fan, but have held off buying them for a while since I started to become aware of the importance of support and resistance (S & R) zones. It's fascinating how some areas can consistently act as support or resistance throughout the years, some as long as THIRTY years after they were first established (please see my long term silver chart for that beauty).
I have recently just finished making a S & R chart for Bitcoin for this 3rd and arguably current market cycle so I thought I would make one for silver's 2nd and arguably current market cycle on the weekly and see what it could show us. Silver seems pretty obedient to these zones and as we can see it looks like silver has just banged its head on the ceiling of the long term overhead resistance and will now head south to test lower areas.
If you have any questions or discussion points, please fire away below. Cheers.
I have recently just finished making a S & R chart for Bitcoin for this 3rd and arguably current market cycle so I thought I would make one for silver's 2nd and arguably current market cycle on the weekly and see what it could show us. Silver seems pretty obedient to these zones and as we can see it looks like silver has just banged its head on the ceiling of the long term overhead resistance and will now head south to test lower areas.
If you have any questions or discussion points, please fire away below. Cheers.