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Metals bulls defend - Bitcoin higher high

Kitco Commentaries | Opinions, Ideas and Markets Talk

Featuring views and opinions written by market professionals, not staff journalists.

Commentaries & Views

Silver has been finding support above the $24.50 breakout level, having hit a low at $24.57 spot April 6; resistance becomes support. The 4-hour chart below shows the battle at $25, where a triangle seems to be forming; triangles like to break to the flat side.

Note momentum is turning upward as the price is threatening to take the next leg up.

The daily chart for gold below shows the metal may just be in the midst of backtesting a breakout from the flat side of its own triangle. A solid backtest is usually an opportunity for more prudent traders to finally get in. Stops can be set at multiple points based on personal risk threshold. Note momentum in the daily gold chart may be forming a higher low as it did in December 2022 after the initial upward thrust in price.

And finally, Bitcoin printed a higher high last night – yet to no surprise for regular readers. The Bitcoin price is now entering a congestion area, but if any "asset" has shown its vulnerability to FOMO, surely in recent times, it is Bitcoin. Remember the old adage, "It's a bubble if you aren't in, otherwise, it's a bull market." In my opinion, bitcoin is to be traded; and that with humility.

By

Jonathan Da Silva

Contributing to kitco.com

Contact jdasilva@kitco.com
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.