Will silver double bottom be broken. And bitcoin price.

[Oshosondy]

1. What do you think about bitcoin price, many analyses from other people are saying bitcoin may fall below $60000 again.

2. I opened a long position with silver with just $250, but the candles is looking like how it was before when I brought up gold and silver topic.

I opened a long position at $61.62, but it has gone down a bit. The last time I talked about it, it did as I said at $64, it later fall to $61.53 but later rose above $71 before know falling to $61.24 which is now it price.

Will the double bottom still holds or it will fall  below $60 this time?

If you want to know the double bottom that I am talking about, go to the silver month candles.

[BitMaxz]

If you want to know the double bottom that I am talking about, go to the silver month candles.

I can't find the double bottom you pointed to with silver. I already switched to a monthly time frame, but I don't see any double bottom you're pointing to.



In my current analysis in the shorter time frames of daily and 1 hour, it is bearish; it has already broken the 200 EMA, which I consider bearish. And I noticed that silver respected the EMA levels of 50, 100, and 200.

In the current chart I am going to go short with this rather than going long.

Regarding Bitcoin in one-hour time frame using EMA 426, the BTC is still heavily bearish if analyzed in a longer time frame, so the bias remains bearish. As a trader, I can't go against the trend.



The pattern, similar to a double bottom, indicates that there is a strong wall support every time the price taps that price, but it is not 100% guaranteed; not all patterns will give you a signal to buy or sell. You still need to confirm it, such as by analyzing volume, to see if there are more traders willing to buy or if it shows a strong momentum.
So if BTC shows it if no one supports it, the price won't go as we expected.

[sergiorus]

If you want to know the double bottom that I am talking about, go to the silver month candles.

I can't find the double bottom you pointed to with silver. I already switched to a monthly time frame, but I don't see any double bottom you're pointing to.



In my current analysis in the shorter time frames of daily and 1 hour, it is bearish; it has already broken the 200 EMA, which I consider bearish. And I noticed that silver respected the EMA levels of 50, 100, and 200.

In the current chart I am going to go short with this rather than going long.

Regarding Bitcoin in one-hour time frame using EMA 426, the BTC is still heavily bearish if analyzed in a longer time frame, so the bias remains bearish. As a trader, I can't go against the trend.



The pattern, similar to a double bottom, indicates that there is a strong wall support every time the price taps that price, but it is not 100% guaranteed; not all patterns will give you a signal to buy or sell. You still need to confirm it, such as by analyzing volume, to see if there are more traders willing to buy or if it shows a strong momentum.
So if BTC shows it if no one supports it, the price won't go as we expected.

Precious metals are cooked for a while imho.
Such classic blow off the top and then lower highs.

Not only silver, gold and other metals that experienced explosive growth YTD are all the same.

[Oshosondy]

I can't find the double bottom you pointed to with silver. I already switched to a monthly time frame, but I don't see any double bottom you're pointing to.

It existed for days, but it has been broken when it fell more just few hours ago but it was after my post. You noticed I posted this topic when it was at $61.24, but it fell more than that and break it this time. It fell to $58 which is very bad. I have closed the position for not to lose more. It defended above $60 many times, but it is not happening this time.

[nara1892]

The price has now dropped below $60,000, and from the current market situation, I see that the last support has been broken (I'm using a 1-week timeframe). However, if I look at the trend, it's also close to meeting a major support in 2025 before the price skyrockets. This is what makes me quite confused about buying, because if that support is also broken, it could mean a sharp decline, certainly below $50,000.
Perhaps I'll wait until early next month to see if there are any candlestick formations that indicate a reversal.

[BitMaxz]

It existed for days, but it has been broken when it fell more just few hours ago but it was after my post. You noticed I posted this topic when it was at $61.24, but it fell more than that and break it this time. It fell to $58 which is very bad. I have closed the position for not to lose more. It defended above $60 many times, but it is not happening this time.

I can't find it, but I think you're talking about approaching to make a double bottom, but it fails?
What I could see is not a double bottom pattern. I think you're pointing to the price where it taps again at $61.24, but it's not a double bottom because the price isn't diving; the double bottom should be clear.

Here's what I am pointing to:


For me, that's not a double bottom pattern. A double pattern should come from the downtrend.

Well, the whole market seems affected, from stocks to crypto. I think this is because of the rising rate, according to the new Fed chair.
The trending news talks about a hawkish tone that affects the whole market. Banks seem to be taking higher interest rates on loans.

[jossiel]

1. What do you think about bitcoin price, many analyses from other people are saying bitcoin may fall below $60000 again.

2. I opened a long position with silver with just $250, but the candles is looking like how it was before when I brought up gold and silver topic.

I opened a long position at $61.62, but it has gone down a bit. The last time I talked about it, it did as I said at $64, it later fall to $61.53 but later rose above $71 before know falling to $61.24 which is now it price.

Will the double bottom still holds or it will fall  below $60 this time?

If you want to know the double bottom that I am talking about, go to the silver month candles.

1. And it did.

2. Silver fell below $60 and it's currently priced in @ $57.30.

I have closed the position for not to lose more. It defended above $60 many times, but it is not happening this time.

That's a good decision because it can potentially go for more dip if you haven't done so.

Well, the whole market seems affected, from stocks to crypto. I think this is because of the rising rate, according to the new Fed chair.

I was trying to look for some reasons why this is happening and I haven't thought about the fed but now I did thanks to you bro.

[BitMaxz]

Well, the whole market seems affected, from stocks to crypto. I think this is because of the rising rate, according to the new Fed chair.

I was trying to look for some reasons why this is happening and I haven't thought about the fed but now I did thanks to you bro.

Do you have a crypto news aggregator? It seems the crypto panic doesn't show some of the news nowadays.
I'm currently using the tool https://sosovalue.com/research
The AI from the top right will tell you most of the trending news or from that link. It is also good for analyzing the market under macro.

[Alphakilo]

I can't find the double bottom you pointed to with silver. I already switched to a monthly time frame, but I don't see any double bottom you're pointing to.

It existed for days, but it has been broken when it fell more just few hours ago but it was after my post. You noticed I posted this topic when it was at $61.24, but it fell more than that and break it this time. It fell to $58 which is very bad. I have closed the position for not to lose more. It defended above $60 many times, but it is not happening this time.

You definitely did the best to capitalize on your risk management knowledge and that is, you did try as much to protect your capital and that also means you used stop loss which is a great risk management tool while trading such volatile markets to avoid total loss or liquidation occasioned by price movement.
To watch closely as the market moves is also a skill not to be ignored, because liquidity can happen in a flash and all capital can be lost in that instance.