Silver forecast, Bitcoin trend weak

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Silver forecast

Silver price trading 0.25% down from its last week closing. Currently prices are trading near lowest point of the day at 16.46$. Precious metals pack opened lower only. Read gold forecast here. A good support on silver chart stands at 16.20$, If traders take this support out and manage to sustain trade below our base. Then expect good pressure in silver prices upto 16$- 15.80$ today.

A good resistance on silver chart stands at 16.75$, If traders take this hurdle out and manage to sustain trade above our resistance. Then expect good recovery in silver price upto 16.99$- 17.20$ today.

Silver forecast conclusion: Silver forecast is weak today, Equity markets and dollar strength is delivering weakness in precious metals. Equity and dollar index trying to recover after last week’s mega weak move. So avoid major buy. US & UK banks are close so volumes might drop a bit so consider putting strict stoploss in every position.

Bitcoin analysis

Bitcoin ( BTC/USD ) price trading at 7196$ down nearly 3% in early trade today. Bitcoin is kinda fighting for its existing only since it has become 35% from its peak of 20000$ last year. Many small investors are flying away from bitcoin fearing more downside and many exchanges are going bankrupt. So trade with good reputed broker who wont fly with your money anytime.

Technically bitcoin chart suggests a good support at 6900$, If traders break this support and manage to sustain trade below our support. Then expect good pressure in bitcoin price upto 6700$ – 6500$ today.

A good resistance on bitcoin chart stands at 7420$, If traders take this hurdle out and manage to sustain trade above our resistance. Then expect good recovery in btc/usd price upto 7670$- 7890$.

Bitcoin analysis: Btc/Usd trend is weak for now, So should we buy btc/usd now? A small risk near 7000$ can be taken with stoploss below our support today for 7120$ and 7250$. Wait for more dip to initiate a buy.

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