Silver Analysis: Potential Price Drop Ahead
Silver is heading down. The price of silver underwent a correction, approached the broken downtrend, and formed a bearish engulfing. Since the breakout of the downtrend was false, the asset’s price might potentially dive even deeper and gain the required support in the zone formed between levels 22.00 and 22.30. So, let’s observes what is going to happen next.
The price of Bitcoin might either rebound from the supporting level of 40000 or break through. Currently, it seems that the price of this asset might potentially rebound from the support and break the resistance level of 45000. Breaking this resistance, Bitcoin might dive further and target the level of 35000 or even drop below this level. Time will tell how far the price of Bitcoin may drop.
The currency pair EUR/USD has repeatedly tested the resistance level of 1.1000 and formed a fine and strong bearish engulfing at the end of the trading week. The price of this asset is likely to rebound to the middle point of engulfing, that is, the level of 1.0940, at the beginning of next week. Next, it might drop and acquire the required support in the zone formed between levels 1.0640 and 1.0670.
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