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  • Japan Minister of Finance Aso: - Yellen said she had no intention of tightening policy - Global economy faces uncertainty, warrants caution $JPY $USD
  • 🇺🇸 Michigan Consumer Sentiment Final (FEB) Actual: 76.8 Expected: 76.5 Previous: 79 https://www.dailyfx.com/economic-calendar#2021-02-26
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.33%, while traders in GBP/JPY are at opposite extremes with 66.91%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/mBZdvvxuDB
  • $Gold quick check back to resistance at prior support and then slide, now testing through that 1750 level https://t.co/ngyTPVtiec https://t.co/wYcyYPzbUP
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Gold: -1.13% Oil - US Crude: -1.24% Silver: -2.68% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/n8xwc7FERq
  • Heads Up:🇺🇸 Michigan Consumer Sentiment Final (FEB) due at 15:00 GMT (15min) Expected: 76.5 Previous: 79 https://www.dailyfx.com/economic-calendar#2021-02-26
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: US 500: 0.52% Wall Street: 0.10% Germany 30: -0.32% France 40: -0.93% FTSE 100: -1.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/VcAQ4fI8PC
  • $NZDUSD fell to an intraday low around 0.7250, hitting its lowest level of the week. The pair turned downward yesterday as the US Dollar resurged, falling from a multi-year high around 0.7450. $NZD $USD https://t.co/IN57sn0Pzx
  • S&P 500 on the verge of breaking the March trend-line. Nasdaq 100 already below March trend-line, may target long-term support. Get your #equities market update from @PaulRobinsonFX here:https://t.co/jdnlfhCxEz https://t.co/G0aBiMAnuj
  • Pre-open, the US indices look to be tentatively holding support - 50SMA and channel support for $SPX eminis and H&S neckline for Nasdaq minis - but a full rebound looks like it will have to be forged during active trade https://t.co/Rlax9GFLo0
Bitcoin’s (BTC/USD) Silver (XAG/USD) Lining

Bitcoin’s (BTC/USD) Silver (XAG/USD) Lining

Tammy Da Costa, Markets Writer

Bitcoin, Silver Forecast:

Bitcoin and Silver prices continue to demonstrate the ramifications of crowd psychology on financial markets as price action preserves the upward trajectory for both markets. Although both the major cryptocurrency and its Silver counterpart have benefited from renewed interest, a subdued economic calendar suggests that besides from Friday’s NFP report, technical and psychological factors may overshadow this week’s fundamentals, serving as a catalyst for price action in either direction.

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Bitcoin (BTC/USD) Price Action

Bitcoin prices continue to edge higher after bulls successfully managed to break above the key psychological level of $32,000, pushing price action through the upper bound of the descending triangle, formerly serving as resistance. The move confirmed that the ‘Bitcoin Bubble’ has not yet burst and that further gains cannot be ruled out.

Currently, BTC/USD price action remains encapsulated by the key Fibonacci retracement levels of the short-term move (27 Nov 2020 low - Jan 2021 high), forming a zone of confluency between the 38.2% retracement level, providing support at $32,154 and the 23.6% Fibonacci retracement level, holding resistance at $35,915. Meanwhile the Commodity Channel Index (CCI) remains in overbought territory, with a reading of 168 confirming that bulls remain in control, at least for now.

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Bitcoin (BTC/USD) 4 Hour Chart

Bitcoin 4 hour chart

Chart prepared by Tammy Da Costa, IG

If prices manage to fall below current support, bears may able to push prices lower towards the psychological level of $30,000. On the contrary, if bulls continue to take charge, then it may open the door for continuation towards January highs, around the $40,000 mark.

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Silver (XAG/USD) Price Action

Silver prices continue to slide after the precious metal saw price action push into a wall of resistance at the key psychological level of 30.00. As traders drove prices higher, tick volume increased to it’s highest level since August 2020, validating the strength of the breakout.

A retest of August 2020 highs resulted in a double-top formation, above the key level of resistance, currently formed by the 50% Fibonacci retracement level of the historical move (2008 low – 2011 high) at 2906. Price action currently remains well-above trendline support, with the Relative Strength Index (RSI) falling below the 70 level, a potential indication that price action is back within range.

Silver BEARISH
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of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -1% -24% -3%
Weekly -6% -14% -7%
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Silver (XAG/USD) Daily Chart

Silver Daily Chart

Chart prepared by Tammy Da Costa, IG

For now, support potential remains around the key psychological level of 2500 with the 61.8% Fibonacci retracement level providing additional support at 2416.9

--- Written by Tammy Da Costa, Market Writer for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

https://www.dailyfx.com/education/technical-analysis-chart-patterns/descending-triangle.htmlhttps://www.dailyfx.com/education/learn-technical-analysis/the-trend-is-your-friend.html

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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