Price analysis 10/14: SPX, DXY, BTC, ETH, BNB, XRP, ADA, SOL, DOGE, MATIC

1 year ago

The United States user terms scale (CPI) increased 8.2% annually successful September, beating economists’ expectations of an 8.1% rise. The CPI people lived up to its hype and caused a sharp, but short-term summation successful volatile hazard assets.

The S&P 500 oscillated wrong its widest trading scope since 2020 and Bitcoin (BTC) besides witnessed a ample intraday scope of much than $1,323 connected Oct. 13. However, Bitcoin inactive could not shingle retired of the $18,125 to $20,500 scope it has been stuck successful for the past respective days.

Both the U.S. equities markets and Bitcoin tried to widen their recovery connected Oct. 14 but the higher levels attracted selling, indicating that the bears person not yet fixed up.

Could the increased volatility culminate with a breakout to the upside oregon volition it commencement the next limb of the downtrend?

Let’s survey the charts of the S&P 500 index, the U.S. dollar scale (DXY) and the large cryptocurrencies to find out.

SPX

The S&P 500 scale (SPX) gapped down connected Oct. 13 and dropped to 3,491 but little levels attracted immense buying by the bulls. That whitethorn person caught respective assertive bears connected the incorrect hoof and they mightiness person scrambled to screen their abbreviated positions. That propelled the scale backmost supra the breakdown level of 3,636.

Buyers tried to widen the betterment connected Oct. 14, but the bears had different plans. The sellers vigorously defended the 20-day exponential moving mean (3,715), indicating that the sentiment remains antagonistic and alleviation rallies are being sold into.

The bears volition effort to descend the scale to 3,491 which is an important level to support an oculus on. If this enactment cracks, the scale could dive to 3,325.

Alternatively, if the scale rebounds disconnected the enactment portion betwixt 3,636 and 3,491, it volition suggest that bulls whitethorn beryllium accumulating connected dips. Buyers volition past effort to flooded the obstruction astatine the 20-day EMA and situation the downtrend line. If this absorption collapses, it volition awesome that the corrective signifier whitethorn beryllium over.

DXY

The U.S. dollar scale turned down from 113.92 connected Oct. 13 but the bulls arrested the diminution astatine the 20-day EMA (112). This suggests that the sentiment remains affirmative and traders are viewing the dips arsenic a buying opportunity.

The bulls volition effort to pierce the overhead absorption portion betwixt 113.92 and 114.77. An acceptance supra this portion volition awesome the resumption of the uptrend. The scale could past rally to 117.14.

Contrary to this assumption, if the terms turns down from the overhead resistance, the bears volition effort to propulsion the scale beneath the 20-day EMA. A interruption beneath this enactment volition beryllium the archetypal denotation that the bullish momentum is weakening.

The scale could past diminution to the 50-day elemental moving mean (109). A inclination alteration volition beryllium signaled if bears descend the terms beneath the uptrend line.

BTC/USDT

Bitcoin sliced done the enactment astatine $18,843 connected Oct. 13 and dipped adjacent to $18,125. This level attracted buying which started a crisp betterment arsenic seen from the agelong process connected the day’s candlestick.

Buyers pushed the terms supra the moving averages connected Oct. 14 but the up-move is facing stiff absorption astatine the downtrend line. The 20-day EMA ($19,466) is flattening retired and the comparative spot scale (RSI) is adjacent the midpoint, indicating equilibrium betwixt buyers and sellers.

This equilibrium volition tilt successful favour of the bulls if they propulsion and prolong the terms supra the overhead absorption astatine $20,500. The BTC/USDT brace could past rally to $22,800. The bears are expected to equine a stiff absorption astatine this level.

If the terms sustains beneath the 20-day EMA, the bears volition again effort to propulsion the brace beneath $18,843 and situation the enactment astatine $18,125.

ETH/USDT

Ether (ETH) broke beneath the enactment astatine $1,220 connected Oct. 13 but the bears could not support the terms down. The bulls vigorously purchased the dip, forming a hammer candlestick pattern.

Buyers person sustained the affirmative momentum connected Oct. 14 and are trying to propulsion the terms supra the overhead portion betwixt the 20-day EMA ($1,331) and the absorption enactment of the triangle.

If they tin propulsion it off, the ETH/USDT brace could effort a rally to the downtrend enactment of the descending transmission pattern. The bulls volition person to wide this obstacle to awesome a imaginable inclination change.

The bears are apt to person different plans. They volition effort to halt the betterment successful the overhead portion and past effort to propulsion the brace beneath $1,190.

BNB/USDT

BNB (BNB) has been range-bound betwixt $300 and $258 for the past respective days. In a range, traders usually bargain adjacent the enactment and merchantability adjacent to the resistance.

That is what happened connected Oct. 13 arsenic the bulls purchased the dip to $258. Buyers tried to propulsion the terms supra the moving averages connected Oct. 14 but the agelong wick connected the candlestick shows that bears are selling adjacent absorption levels. The bears volition again effort to propulsion the terms beneath $258 and widen the diminution to $216.

On the contrary, if the terms turns up and breaks supra the moving averages, the BNB/USDT brace could effort a rally to the overhead absorption astatine $300. A interruption supra this level could acceptable the signifier for a rally to $338.

XRP/USDT

XRP (XRP) broke beneath the 20-day EMA ($0.47) connected Oct. 13 but the bears could not prolong the little levels. The bulls purchased the dip and pushed the terms backmost supra the 20-day EMA.

Both moving averages are sloping up and the RSI is successful the affirmative territory, indicating vantage to buyers. The bulls volition effort to propulsion the terms supra the overhead absorption astatine $0.56. If that happens, the XRP/USDT brace could resume its uptrend and rally toward the adjacent overhead absorption astatine $0.66.

The archetypal motion of weakness volition beryllium a interruption and adjacent beneath the 20-day EMA. That would bespeak that traders whitethorn beryllium booking profits astatine higher levels. The brace could past descent to the breakout level of $0.41.

ADA/USDT

Cardano (ADA) recovered buying enactment astatine $0.35 connected Oct. 13 but the bulls are struggling to propulsion the terms supra the breakdown level of $0.40 connected Oct. 14.

The 20-day EMA ($0.41) continues to slope down and the RSI is successful the oversold territory, indicating that bears are successful control. If the terms continues little and breaks beneath $0.35, it volition suggest that bears person flipped $0.40 into resistance. That could summation the likelihood of a driblet to $0.33.

This bearish presumption could beryllium negated successful the adjacent word if buyers propulsion the terms supra the moving averages. That volition bespeak beardown accumulation astatine little levels. The ADA/USDT brace could past ascent to the downtrend line.

SOL/USDT

Solana (SOL) plunged beneath the $30 enactment connected Oct. 13 but the bears could not physique upon this spot and descend the terms to the captious enactment astatine $26. The bulls arrested the driblet astatine $27.87 and pushed the terms backmost supra $30.

Buyers tried to widen the affirmative momentum connected Oct. 14 but ran into dense selling adjacent the downtrend enactment arsenic seen from the agelong wick connected the candlestick. The bears volition present again effort to propulsion the terms beneath $30 and widen the diminution to $26.

If bulls privation to invalidate this bearish view, they volition person to rapidly propulsion the SOL/USDT brace supra the downtrend line. That could wide the way for a imaginable rally to $35.50 and thereafter to $39 wherever the bears whitethorn again connection a beardown resistance.

DOGE/USDT

Dogecoin (DOGE) rebounded disconnected the beardown enactment adjacent $0.06 connected Oct. 13, indicating that the bulls are defending the level aggressively. Buyers are trying to propel the terms supra the moving averages connected Oct. 14.

If they negociate to bash that, the DOGE/USDT brace could emergence to $0.07. This level is again apt to enactment arsenic a beardown absorption but if bulls propulsion the terms supra it, the brace could effort a rally to the overhead level of $0.09.

Contrarily, if the terms turns down from the moving averages, the bears volition again effort to descend the terms beneath the enactment adjacent $0.06. This is an important level for the bulls to support due to the fact that if it cracks, the brace could retest the June debased adjacent $0.05.

MATIC/USDT

The agelong process connected Polygon’s (MATIC) Oct. 13 candlestick shows that bulls are aggressively buying adjacent the $0.71 to $0.69 enactment zone. Buyers continued their momentum connected Oct. 14 and tried to propulsion the terms supra the downtrend enactment but the bears held their ground.

The flattish moving averages and the RSI adjacent the midpoint suggest a equilibrium betwixt proviso and demand. This equilibrium could tilt successful favour of the buyers if the terms rises supra the downtrend line. The MATIC/USDT brace could past emergence to $0.86 and if this level is crossed, the adjacent halt could beryllium $0.94.

On the different hand, if the terms reverses absorption from the downtrend line, it volition amusement that bears proceed to merchantability connected rallies. The brace could past stay stuck betwixt the downtrend enactment and the enactment astatine $0.69.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.

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