Silver continues to move in range between 13.630 and the 21.115 levels, is trading near the half of this extended sideways movement, but looks determined to climb higher in the upcoming period after the failure to reach and retest the 13.630 major downside target.
Technically is expected to increase after the failure to close below the sliding parallel line (SL) and after the failure to test the warning line (WL1) of the ascending pitchfork. We may have a buying opportunity if will come back to retest the median line (ml) of the minor descending pitchfork.
The next upside targets will be at the lower median line (LML) and higher at the upper median line (uml), could be attracted by the confluence area formed between these two lines. The perspective is bullish after the breakout from the Falling Wedge pattern.
Ethereum is the correction completed?
You can see that the price has retested the downtrend line, but this dynamic resistance is still intact, so the rate could slip lower in the upcoming days. Could come down to test and retest the lower median line (lml) of the ascending pitchfork.
The perspective remains bearish on the H4 chart as long as the rate is trading below the downtrend line, a buying opportunity will appear only after a valid breakout above the dynamic resistance. A breakout followed by a retest of the lower median line (lml) will bring us a perfect buying opportunity. Could move in range between the 61.8% and the 50% retracement levels, trying to recapture more directional energy before will start a broader rebound. The corrective phase could be completed if will stay above the 61.8% retracement level.