The ascending trend line is broken
Silver price started an ascending trend on 3rd of February 2022. Russian war on 24th of February boosted the bullish trend on Silver, and the price line could reach out to 26.94865 on 8th of March 2022. The price line then started a bearish trend and could break below the ascending trend line on 14th of March 2022.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The price line is showing on 25.406 at the moment, which would be just below the broken trend line. The black line on the chart is indicating the ascending trend line which has just been broken by the price line. The blue box above the price line, indicates a strong resistance which has been able to dump the price line several times in the past; this area also equals to level 0.236 of the Fibonacci retracement. RSI is showing almost on 55 and MACD is showing bullish trend on going. Traders can be waiting for the price line to reach out to the blue zone and then on witnessing any descending trigger. The target for the descending wave could be considered on 24.35 and 23. This theory is valid as long as the trend line has not broken above the blue zone.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.