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Published: 3 August 2026,06:10
Chart The Market
BTC, H4:
Bitcoin continues to trade within a lower-high price structure, indicating that the broader bearish trend remains intact. The cryptocurrency is currently trading beneath a key confluence zone, where the descending trendline intersects with a major resistance area. This combination of technical resistance reinforces the bearish outlook and suggests that buyers are struggling to regain control of the market.
The inability to break above this confluence zone highlights the presence of strong selling pressure, with each recovery attempt being capped by the prevailing downtrend. As long as BTC remains below this resistance cluster, the downside risks are expected to persist.
Should Bitcoin extend its current decline, the next major downside target lies near the immediate support zone below $61,000. This level represents a critical area where buyers may attempt to defend the market and slow the pace of the sell-off.
A decisive break below the $61,000 support level would further validate the bearish market structure and increase the likelihood of a deeper correction. Such a move would confirm that sellers remain firmly in control and could trigger additional downside momentum in the sessions ahead.
Resistance Levels: 67,251.30, 70,638.10
Support Levels: 60,483.50, 56,726.85
XAGUSD, H4
Silver has successfully broken above its month-long downtrend structure, signaling an improvement in the metal’s technical outlook and suggesting that the previous bearish momentum has begun to ease. Following the breakout, silver has entered a period of consolidation and is currently hovering around a key support zone near $56.85.
This support area is crucial in determining the metal’s next directional move. As long as silver remains supported above this level, the potential for a broader recovery remains intact. The market is now closely watching the $60.00 psychological resistance level, which represents the next major hurdle for the bulls.
Should silver gather sufficient momentum and achieve a decisive breakout above $60.00, it would confirm the bullish reversal and strengthen the case for a continuation of the recovery trend. Such a move could attract renewed buying interest and pave the way for a sustained advance in the sessions ahead.
However, the bullish outlook would be significantly weakened if silver fails to hold above the key support zone around $56.70–$56.85. A break below this area would invalidate the recent breakout and suggest that the broader long-term downtrend remains dominant.
In that bearish scenario, selling pressure could intensify and expose the next major downside target near the $50.00 support level, a critical zone that may attract long-term buyers.
Resistance Levels: 61.60, 65.30
Support Levels: 56.70, 52.80
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