Price analysis 8/21: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, DOT

1 year ago

After the crisp autumn connected Aug. 17, Bitcoin (BTC) remained stuck wrong a choky scope implicit the weekend. This suggests indecision betwixt the bulls and the bears astir the adjacent directional move.

After the latest fall, astir 88% of Bitcoin held by Short-term Holders (STHs), owning Bitcoin for 155 days oregon less, has plunged into loss, according to Glassnode’s play newsletter, “The Week On-Chain.” Glassnode warns that the STH cohort is “increasingly terms sensitive.”

In comparison, the semipermanent holders person neither panicked nor gone connected a buying spree during the existent fall.

Traders are apt to support a adjacent ticker connected the United States Federal Reserve Chairman Jerome Powell’s code astatine the yearly Jackson Hole Economic Symposium connected Aug. 25. If Powell does not outpouring a antagonistic surprise, past the lawsuit whitethorn crook retired to beryllium bullish for risky assets. History suggests that U.S. stocks mostly emergence successful the week aft Jackson Hole.

What are the important enactment and absorption levels to ticker for successful Bitcoin and altcoins? Let’s analyse the charts to find out.

S&P 500 Index terms analysis

The S&P 500 Index (SPX) is correcting successful an uptrend. Typically pullbacks are a buying accidental successful an uptrend but it is prudent to hold for the correction to extremity earlier resuming the purchases.

The terms has reached the breakout level of 4,307, which is an important level to support an oculus on. The moving averages are connected the verge of a bearish crossover and the comparative spot scale (RSI) is successful the antagonistic territory, indicating that bears are trying to prehend control.

A bounce disconnected the existent level is again apt to look selling astatine the moving averages. If the terms turns down from the moving averages, the scale volition beryllium astatine hazard of forming a bearish caput and shoulders pattern.

On the contrary, a rally supra the moving mean volition bespeak that the corrective signifier whitethorn beryllium over.

U.S. dollar scale terms analysis

The U.S. dollar scale (DXY) recovered to the downtrend enactment wherever the bears are posing a beardown challenge. However, the scale has not mislaid ground, indicating that the bulls person kept up the buying pressure.

If buyers propel the scale supra the downtrend line, it volition suggest that the bears are losing their grip. The scale could past resume its betterment and scope the stiff overhead absorption astatine 106. This level is again apt to pull beardown selling by the bears.

The moving averages are the important enactment to ticker retired for connected the downside. The bears volition person to descend the terms beneath the 50-day elemental moving mean (102) to awesome a comeback. That could unfastened the doors for a retest of the beardown enactment adjacent 101.

Bitcoin terms analysis

Bitcoin has been consolidating wrong a ample scope betwixt $24,800 and $31,000 for the past respective weeks. Inside a range, traders bargain the dips to the enactment and merchantability adjacent the overhead resistance. In between, trading whitethorn beryllium random and volatile.

The moving averages person turned down and the RSI is successful the oversold territory, indicating that bears are firmly successful control. Sellers volition effort to physique upon their vantage by yanking the terms beneath $24,800 but the bulls are improbable to springiness up easily.

The buyers volition effort to commencement a betterment from the support, which is apt to prime up momentum supra $26,833. The BTC/USDT brace whitethorn past emergence to the 20-day EMA ($28,098), signaling that the range-bound enactment remains intact.

Ether terms analysis

Ether’s (ETH) bounce is struggling to emergence supra $1,700, indicating that the bears person not fixed up and are selling connected insignificant rallies.

A shallow bounce usually indicates a deficiency of urgency among the bulls to buy. That increases the hazard of a breakdown beneath the support. If the terms turns down and slips beneath $1,626, it volition suggest that bears stay successful command. The ETH/USDT brace whitethorn past retest the intraday debased of $1,550 made connected Aug. 17.

Contrarily, if the terms turns up from the existent level and rises supra $1,700, it volition suggest the commencement of a stronger recovery. The archetypal halt whitethorn beryllium the 20-day EMA ($1,777) but if this level is crossed, the brace whitethorn scope the 50-day SMA ($1,852).

BNB terms analysis

BNB (BNB) tumbled beneath the captious enactment astatine $220 connected Aug. 17 and the bears person managed to support the level since then. This suggests that the bears are trying to flip the $220 level into resistance.

The terms crashed beneath the contiguous enactment astatine $212 connected Aug. 21, indicating the resumption of the downtrend. The BNB/USDT brace could archetypal plummet to the signifier people of $196 and yet to the adjacent large enactment astatine $183.

Time is moving retired for the bulls. If they privation to salvage the situation, they volition person to rapidly thrust and prolong the terms supra $220. The brace could past emergence to the 20-day EMA ($230), which whitethorn again enactment arsenic a stiff barrier.

XRP terms analysis

XRP (XRP) bounced disconnected the beardown enactment astatine $0.41 connected Aug. 17 and reached the overhead absorption astatine $0.56 connected Aug. 20.

The bears are trying to stall the alleviation rally adjacent $0.56, indicating that the sentiment remains antagonistic and traders are selling connected each insignificant rise. If the terms turns down and skids beneath $0.48, it volition suggest that the XRP/USDT brace whitethorn plaything betwixt $0.41 and $0.56 for a fewer days.

The downsloping 20-day EMA ($0.59) and the RSI adjacent the oversold portion awesome that bears person the edge. The archetypal motion of spot volition beryllium a interruption and adjacent supra the 20-day EMA. That volition bespeak that the bearish unit whitethorn beryllium reducing.

Cardano terms investigation

Cardano (ADA) snapped backmost from the important enactment astatine $0.24 connected Aug. 17 but the alleviation rally is facing absorption astatine the overhead absorption adjacent $0.28.

The downsloping 20-day EMA ($0.28) and the RSI successful the antagonistic country suggest that bears person the precocious hand. If the terms slips beneath $0.26, it volition bespeak that the ADA/USDT brace whitethorn oscillate wrong the choky scope betwixt $0.28 and $0.24 for a portion longer.

Generally, a choky consolidation adjacent a beardown enactment is simply a antagonistic motion and it whitethorn effect successful a breakdown. If the $0.24 enactment gives way, the brace whitethorn plunge to $0.22 and past to $0.20. If buyers privation to forestall the decline, they volition person to rapidly thrust the terms supra the moving averages.

Dogecoin terms analysis

The bulls person managed to support Dogecoin (DOGE) supra the indispensable enactment astatine $0.06 for the past fewer days but they person failed to commencement a beardown bounce.

The shallow bounce suggests a antagonistic sentiment wherever the bulls are not buying aggressively. This whitethorn person encouraged the bears to prehend power and they person pulled the terms to the beardown enactment astatine $0.06.

If the terms breaks beneath $0.06, the DOGE/USDT brace could nosedive toward the adjacent coagulated enactment adjacent $0.05. Alternatively, if the terms turns up from the existent level, it volition bespeak that little levels are attracting buyers. The brace whitethorn past ascent to the moving averages. A interruption supra the 50-day SMA ($0.07) could commencement a sustained recovery.

Solana terms analysis

Solana (SOL) bulls are facing stiff absorption from the bears adjacent the overhead absorption astatine $22.30. This suggests that the bears are trying to flip the $22.30 level into resistance.

The moving averages person completed a bearish crossover and the RSI is successful the antagonistic zone, indicating that bears person the edge. The SOL/USDT brace could retest the enactment astatine $20. If this level gives way, the brace whitethorn commencement a deeper correction to $18 and subsequently to $15.60.

If the bulls privation to marque a comeback, they volition person to footwear the terms supra the moving averages. It is going to beryllium a pugnacious inquire but if they negociate to bash it, the brace whitethorn rally to the overhead absorption portion betwixt $26 and $27.12.

Polkadot terms analysis

Polkadot (DOT) formed a Doji candlestick signifier connected Aug. 19 and 20, indicating that the buying unit has been reducing.

If the terms continues little and breaks beneath $4.36, it volition suggest that bears are trying to summation the precocious hand. The DOT/USDT brace could past retest the pivotal enactment astatine $4.22. If this level caves in, the selling whitethorn accelerate and the brace could commencement the adjacent limb of the downtrend.

Conversely, if the terms turns up and breaks supra $4.56, it volition suggest that bulls are making a comeback. The brace could past rally to the 20-day EMA ($4.79), which is again apt to behave arsenic a roadblock.

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