Price analysis 1/17: SPX, DXY, BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, DOT

1 year ago

Risk assets person started the caller twelvemonth connected a beardown note. The S&P 500 (SPX) and the Nasdaq closed successful the affirmative for the 2nd successive week and besides notched their champion play show since November.

Bitcoin (BTC) led the betterment successful the crypto markets with a crisp 21% rally past week. That sent the Bitcoin Fear and Greed Index into the neutral territory of 52 connected Jan. 15, its highest since April 5, 2022. However, the scale has fixed backmost its gains and is again backmost into the Fear portion connected Jan. 17.

The beardown rally successful Bitcoin has divided analysts' opinions. While immoderate expect the rally to beryllium a bull trap, others judge that the up-move could beryllium the commencement of a caller bull market. The confirmation of the aforesaid volition hap during the adjacent dip. If the cryptocurrencies signifier a higher debased followed by a higher high, it volition suggest that the downtrend could beryllium over.

Could the S&P 500 widen its rally? What are the captious levels connected BTC and the cryptocurrencies to ticker retired for? Let’s survey the charts to find out.

SPX

The S&P 500 continued its betterment past week and has reached the downtrend line. The 20-day exponential moving mean (3,904) has started to crook up and the comparative spot scale (RSI) is successful the affirmative territory, indicating vantage to the buyers.

The bulls volition person to thrust and prolong the terms supra the downtrend enactment to awesome a imaginable inclination change. The bears whitethorn effort to stall the up-move successful the 4,100 to 4,120 portion but if bulls flooded this resistance, the scale could rally to 4,200 and past 4,325.

If bears privation to forestall this alteration successful trend, they volition person to rapidly propulsion the terms beneath the moving averages. If they bash that, it volition suggest that higher levels are attracting sellers. The scale could past descent to 3,764.

DXY

The U.S. dollar scale (DXY) has been falling wrong a descending broadening wedge signifier for the past fewer days. Buyers are trying to support the enactment enactment of the wedge.

The alleviation rally could scope the 20-day EMA (103), which could enactment arsenic a beardown barrier. If the terms turns down from this level, it volition suggest that the sentiment remains antagonistic and traders are selling connected insignificant rallies. The bears volition past effort to resume the downtrend and descend the terms to the intelligence enactment astatine 100.

Contrarily, if buyers propel the terms supra the 20-day EMA, the scale could march toward the absorption enactment of the wedge. The 50-day SMA (105) is placed adjacent to the absorption line, hence the bears are apt to equine a beardown defence astatine this level.

BTC/USDT

Buyers are trying to pierce the overhead absorption astatine $21,480 and widen the betterment successful Bitcoin but the bears are successful nary temper to relent. The RSI remains successful profoundly overbought territory, indicating a imaginable consolidation oregon correction successful the adjacent term.

The contiguous enactment connected the downside is the intelligence level of $20,000 and past the 38.2% Fibonacci retracement level of $19,489. If the terms turns up from this zone, it volition suggest that traders are viewing the dips arsenic a buying opportunity.

Buyers volition past marque 1 much effort to thrust the terms supra $21,500. If they succeed, the BTC/USDT brace could commencement the adjacent limb of the up-move. The brace could past emergence to $22,800 and aboriginal marque a dash to $25,211.

Contrarily, if the terms breaks beneath $19,489, the brace could plummet to the breakout level of $18,388.

ETH/USDT

Ether’s (ETH) betterment met with beardown absorption astatine $1,600 connected Jan. 14 but the bulls are not ceding crushed to the bears. This suggests that the bulls expect the up-move to proceed aft a little pause.

If the terms consolidates successful a choky scope adjacent $1,600, it volition heighten the prospects of a interruption supra the overhead resistance. The ETH/USDT brace could past ascent to $1,700 and aboriginal to $1,800.

Alternatively, if the terms turns down and breaks beneath $1,516, the brace could witnesser nett booking. The brace could past slump to the 38.2% Fibonacci retracement level of $1,439 and thereafter to the 20-day EMA ($1,362). This portion could pull beardown buying by the bulls.

BNB/USDT

BNB (BNB) reached the overhead absorption astatine $318 connected Jan. 14. The agelong wick connected the day’s candlestick shows that the bears are trying to support the level.

However, the rising 20-day EMA ($276) and the RSI adjacent the overbought portion suggest that bulls person the precocious hand. If the terms turns up from the existent level oregon the 20-day EMA, the bulls volition strive to thrust the BNB/USDT brace to $338. A interruption supra this absorption could awesome the commencement of a caller up-move.

On the contrary, if the terms turns down sharply and breaks beneath the moving averages, it volition suggest that the brace whitethorn enactment wrong the scope betwixt $220 and $320 for a fewer much days.

XRP/USDT

XRP (XRP) soared supra the triangle and the moving averages connected Jan. 11 but the bulls person failed to commencement a beardown up-move. This shows a deficiency of request astatine higher levels.

The agelong wick connected the Jan. 16 candlestick shows that bears are selling adjacent the overhead absorption astatine $0.42. If the terms turns down and breaks beneath the moving averages, it volition support the brace stuck betwixt $0.32 and $0.42 for immoderate time.

If bulls privation to support their chances alive, they volition person to aggressively bargain the pullback to the 20-day EMA ($0.36). If the terms rebounds disconnected this level, the XRP/USDT brace could retest $0.42. If this level gets taken out, the brace could soar to $0.51.

DOGE/USDT

Dogecoin (DOGE) jumped supra the 50-day SMA ($0.08) connected Jan. 13 but the bulls could not capitalize connected this strength. The agelong wick connected the Jan. 14 candlestick shows that bears are selling supra $0.09.

The bears volition effort to propulsion the terms backmost beneath the moving averages. If they negociate to bash that, it volition constituent to a imaginable range-bound enactment successful the adjacent term.

On the different hand, if the terms rebounds disconnected the moving averages with strength, it volition bespeak a displacement successful sentiment from selling connected rallies to buying connected dips. The bulls volition past again effort to thrust the terms supra $0.09 and catapult the DOGE/USDT brace to $0.11. This level whitethorn again enactment arsenic a beardown barrier.

ADA/USDT

The beardown alleviation rally successful Cardano (ADA) is facing profit-booking adjacent $0.37. The overbought levels connected the RSI constituent to a insignificant correction oregon consolidation successful the abbreviated term.

The ADA/USDT brace could crook down and slump to the 20-day EMA ($0.30). If buyers privation to proceed the recovery, they volition person to support this level aggressively. If the terms bounces disconnected the 20-day EMA with strength, it volition summation the likelihood of a interruption supra $0.37. The brace could past proceed its northward march toward $0.44.

This affirmative presumption could invalidate successful the adjacent word if the terms turns down and plummets beneath the moving averages. Such a determination volition connote that bears are backmost successful command.

MATIC/USDT

Polygon (MATIC) touched the $1.05 overhead absorption level connected Jan. 14 but the agelong wick connected the candlestick indicates that the short-term traders whitethorn person booked profits.

Buyers again tried to flooded the obstacle connected Jan. 16 but the bears thwarted their attempts arsenic seen from the agelong wick connected the candlestick. The sellers volition effort to propulsion the terms down to the moving averages, which is an important level to ticker retired for.

If the terms springs backmost from the moving averages, it volition bespeak that little levels are attracting buyers. The bulls volition past effort to footwear the terms supra $1.05. If they succeed, the MATIC/USDT brace could surge to $1.30.

On the contrary, if the terms collapses beneath the moving averages, it volition suggest that the brace whitethorn stay wrong the $0.69 to $1.05 scope for a portion longer.

DOT/USDT

Polkadot (DOT) skyrocketed supra the downtrend enactment connected Jan. 14 but higher levels look to person attracted selling arsenic seen from the agelong wick connected the day’s candlestick.

The DOT/USDT brace formed an inside-day candlestick signifier connected Jan. 15, which resolved to the downside connected Jan. 16. This suggests that the nonaccomplishment to prolong supra the downtrend enactment whitethorn person tempted short-term traders to publication profits.

The archetypal enactment connected the downside is $5.40 and beneath that is the 20-day EMA ($5.10). If the terms rebounds disconnected this zone, the bulls whitethorn again effort to propulsion and prolong the brace supra the downtrend line. The bullish momentum could prime up supra $6.50 portion the bears whitethorn beryllium backmost successful power if the brace dives beneath the moving averages.

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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