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Ethereum & Silver a Comparison : High Degree of correlation.Ethereum is said to be a form of digital silver to Bitcoin which is named digital gold, and funnily enough Bitcoin can often have a 80/90 point correlation with Gold while Ethereum on a similar point correlation with silver. With Bitcoin gaining strength on its run to 13000 and Ethereum following closely behind i have identified some key levels on the Ethereum chart, and i also note that the chart of Silver XAGUSD looks near identical. Looking at the charts we can see both are near or coming through the crucial 0.382 area we need to find "support" on this area (it also lays over a demand zone on both charts) and we may see a push to the next area of resistance marked above (0.618 fibonacci) or further. They have moved in sync almost with the Market structure being near identical in appearance. Check out the "Correlation Coefficient" indicator on Trading View built ins to put a graphic representation of correlation on your chart. When trading crypto many bots are triggered when traditional markets such as gold, silver, sp500, eur/usd dxy have large movements, and if your smart you can identify correlation to capitalise on these movements or manage risk. Technical Analysis gives no guarantees, simply probabilities, and by looking at these charts it is my assumption that if silver stays above 21$ and Ethereum above 315$ over the next coming months i am expecting a grind upwards or the possibility of the beginning of a new market cycle on each.
OANDA:XAGUSDLong
by Worth_The_Ri5k
2
SILVER (XAGUSD) - Weekly Technical Analysis UpdateMidterm forecast: While the price is below the resistance 26.20, beginning of downtrend is expected. We make sure when the support at 19.65 breaks. If the resistance at 26.20 is broken, the short-term forecast -beginning of downtrend- will be invalid. Technical analysis: The RSI downtrend #1 is broken, so the probability of beginning of downtrend is decreased. While the RSI resistance #2 at 56 is not broken, the probability of price increase would be too low. A peak is formed in daily chart at 25.50 on 10/12/2020, so more losses to support(s) 23.05, 22.15, 21.00 and minimum to Major Support (19.65) is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 50. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
FOREXCOM:XAGUSD
by ForecastCity
6
SILVER (XAGUSD) - Weekly Technical Analysis UpdateMidterm forecast: While the price is below the resistance 26.20, beginning of downtrend is expected. We make sure when the support at 19.65 breaks. If the resistance at 26.20 is broken, the short-term forecast -beginning of downtrend- will be invalid. Technical analysis: The RSI downtrend #1 is broken, so the probability of beginning of downtrend is decreased. While the RSI resistance #2 at 56 is not broken, the probability of price increase would be too low. A peak is formed in daily chart at 25.50 on 10/12/2020, so more losses to support(s) 23.05, 22.15, 21.00 and minimum to Major Support (19.65) is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 50. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
FOREXCOM:XAGUSD
by ForecastCity
8