HI everyone,
i have been mostly posting charts of crypto market but because of poor performance in feb and march, i am waiting for better chart to present itself before posting a chart.
I have been monitoring this dolly varden chart for months and taken an entry before as well but closed due to failed breakout.
Due to Gold and Silver good performance, i believe this chart look prime for breakout
As per chart, Dolly varden silver attempted 6 attempts to break resistance and last few times, it successfully broke but failed afterwards as can be seen on chart.
The current breakout attempt look legit and alligned with stronger silver. So i am anticipating a breakout this month and entry next month on the high of this month candle.
Keep in mind this is monthly chart and need few months to play out and i am anticipating a strong price appreciation in Quarter 2.
By looking at stochastic Rsi, it is also confirming the crossover which can result in trend build and strength apear later on.
On worst case, if this month candle is not strong and next month candle break the march low, i would be exiting.
Chart is pretty clear, 1st target would be 2.50 to 2.90 and if momentum sustain, we could hit 3.50
Best of luck trading with proper risk management.
Not financial advise just an technical observation of chart
Please like and subscribe for more analysis
i have been mostly posting charts of crypto market but because of poor performance in feb and march, i am waiting for better chart to present itself before posting a chart.
I have been monitoring this dolly varden chart for months and taken an entry before as well but closed due to failed breakout.
Due to Gold and Silver good performance, i believe this chart look prime for breakout
As per chart, Dolly varden silver attempted 6 attempts to break resistance and last few times, it successfully broke but failed afterwards as can be seen on chart.
The current breakout attempt look legit and alligned with stronger silver. So i am anticipating a breakout this month and entry next month on the high of this month candle.
Keep in mind this is monthly chart and need few months to play out and i am anticipating a strong price appreciation in Quarter 2.
By looking at stochastic Rsi, it is also confirming the crossover which can result in trend build and strength apear later on.
On worst case, if this month candle is not strong and next month candle break the march low, i would be exiting.
Chart is pretty clear, 1st target would be 2.50 to 2.90 and if momentum sustain, we could hit 3.50
Best of luck trading with proper risk management.
Not financial advise just an technical observation of chart
Please like and subscribe for more analysis
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.