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Today Technical Analysis: Silver Plummets More Than 15% As Prices Fall Below $74 An Ounce

February 5, 2026, 09:04

Today Technical Analysis: Silver Plummets More Than 15% As Prices Fall Below $74 An Ounce

Silver Technical Analysis

Silver is under heavy short term bearish pressure after failing to sustain gains above the $90–$92 zone and experiencing a sharp breakdown that accelerated losses toward the $73.00 area

Price is trading well below all key moving averages, with the 30-period moving average acting as dynamic resistance.

As long as price remains below the $82–$84 resistance zone, the risk remains tilted to the downside, with further pressure possible toward the low 70s if selling resumes. A sustained reclaim of the 30-period moving average would be required to shift the short-term bias toward neutral.

Silver 1H Chart

Silver 1H Chart 05-02-2026
Resistance$82.86$87.67$92.21
Support$73.56$71.20$70.46

S&P 500 Technical Analysis

The S&P 500 is currently in a choppy corrective phase following the rejection from the 7,017 resistance area. The moving averages reflect this uncertainty, with the short term moving averages MA(5) and MA(10) frequently crossing each other and price oscillating around the 30-period moving average.

MACD has recently recovered from negative territory but remains relatively muted.

As long as price holds above the 6,840 support zone, deeper downside risk remains limited, but upside progress is capped below 7,000–7,020 unless momentum expands again. A clean break and hold above 7,020 would restore bullish continuation, while a breakdown below 6,840 would open the door for a deeper corrective leg.

S&P 500 1H Chart

S&P 500 1H Chart 05-02-2026
Resistance6,9086,9196,946
Support6,8656,8486,779

Bitcoin Technical Analysis

Bitcoin remains clearly bearish on the daily and 1H timeframes, with price continuing to trade within a well-defined descending structure. The failure near the $84,000–$85,000 region marked a clear distribution phase, followed by successive breakdowns that pushed price toward the $70,000–$71,000 area.

All short-term moving averages are aligned bearishly. MACD remains deeply negative, indicating that bearish momentum is still dominant. While price is attempting to stabilize near the $70,000 psychological level, the lack of strong bullish candles suggests this is merely consolidation.

As long as bitcoin remains below the $74,000–$75,000 resistance zone, rallies are likely to be limited. A decisive breakdown below $70,000 would expose further downside toward $65,000, while only a reclaim of the 30-period moving average would signal a potential shift toward neutral conditions.

Bitcoin 1H Chart

Bitcoin 1H Chart 05-02-2026
Resistance$71,849$74,074$75,186
Support$70,047$69,834$67,265
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