Metals bulls defend - Bitcoin higher high

Kitco Media
By Jonathan Da Silva
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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.

Kitco Media

Jonathan Da Silva

Jonathan Da Silva developed a passion for hard money and economics from a young age having been influenced by family who sought to teach me that "nothing is free", and the importance of intrinsic value early on. My interest in markets grew keener during the great financial crisis of 2008; leaning on family with vast trading experience, I began to self-educate on technical analysis and economics- drawing inspiration from the works of individuals like W.D. Gann and Adam Smith. I have been a proud member of the Kitco team since 2017 and hope that my writing inspires readers to consider an objective view of the metals, and the greater financial markets.

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