Price analysis 10/16: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON

11 months ago

After 2 successive weeks of gains, the S&P 500 Index (SPX) started the week connected a affirmative note. This suggests a risk-on sentiment which is simply a bullish sign. The volatility is apt to pick up arsenic 11% of the S&P 500 companies are expected to study results this week.

The risk-on sentiment could boost buying involvement successful prime cryptocurrencies. One country wherever bullish enactment is seen is the Grayscale Bitcoin Trust (GBTC). Grayscale’s ineligible victories person reduced the discount connected the GBTC to its lowest level since 2021. This indicates that the investors are factoring successful the anticipation that the spot volition yet person into a spot Bitcoin (BTC) ETF.

When the terms does not interruption beneath the enactment levels connected atrocious quality and rises supra the overhead absorption connected favorable news, it shows that the shorts are moving debased connected confidence. This increases the likelihood of an up-move successful the adjacent term.

What are the important overhead absorption levels connected Bitcoin and altcoins that request to beryllium crossed to commencement an uptrend? Let’s analyse the charts to find out.

S&P 500 Index terms analysis

The S&P 500 Index (SPX) turned down from the 50-day elemental moving mean (4,401) connected Oct. 12, but the bears could not descend the terms beneath the important level astatine 4,325.

The 20-day exponential moving mean (4,341) is flattening retired and the comparative spot scale (RSI) is conscionable supra the midpoint, suggesting that bulls person a flimsy edge.

Buyers volition effort to thrust the terms supra the overhead absorption portion betwixt the 50-day SMA and the downtrend line. If this portion is surmounted, the scale volition awesome the extremity of the corrective phase.

Conversely, if the terms turns down and breaks beneath 4,325, it volition bespeak that bears are fiercely defending the 50-day SMA. The scale whitethorn past retest the pivotal enactment astatine 4,216.

U.S. dollar scale terms analysis

The U.S. dollar scale (DXY) corrected from 107.34 connected Oct. 3 and dipped to the 20-day EMA ($106) connected Oct. 10. In an uptrend, traders mostly bargain the dips to the 20-day EMA.

Here too, the bulls bought the dip to the 20-day EMA, which started a rebound. The bulls volition effort to propulsion the terms supra the 107.34 to 108 absorption zone. If they succeed, the scale could commencement a beardown rally toward 111.

However, the bears are improbable to springiness up easily. They volition effort to defender the overhead portion and tug the terms beneath 105.50. If this enactment cracks, the scale whitethorn dip to the 50-day SMA ($104.81). This is an important level for the bulls to support if they privation to support the up-move intact. Below this level, the scale could autumn to 103.

Bitcoin terms analysis

After trading betwixt the moving averages for the past fewer days, Bitcoin made a decisive determination connected Oct. 16 erstwhile bulls kicked the terms supra the 20-day EMA ($27,224).

The momentum picked up further and the BTC/USDT brace skyrocketed supra the $28,143 resistance. However, the euphoria was short-lived arsenic the bears aggressively sold astatine higher levels and yanked the terms backmost beneath $28,143.

The 20-day EMA has started to crook up and the RSI has jumped into affirmative territory, indicating that the bulls person a flimsy edge. If buyers execute a adjacent supra $28,143, the brace whitethorn march toward $30,000 and past to $31,000.

On the downside, a interruption and adjacent beneath the 50-day SMA ($26,715) volition tilt the vantage successful favour of the bears. The brace whitethorn archetypal plummet to $26,000 and past to $24,800.

Ether terms analysis

Ether (ETH) has been oscillating betwixt $1,531 and $1,746 for the past respective days. Generally, successful a range, traders bargain adjacent the enactment and merchantability astatine the resistance.

Buyers purchased the dip to $1,521 connected Oct. 12 which started a alleviation rally. The bulls attempted to thrust the terms supra the moving averages connected Oct. 16 but the agelong wick connected the candlestick shows assertive selling by the bears.

If the terms turns down from the existent level, the bears volition marque 1 much effort to descend and prolong the terms beneath $1,521. If they succeed, the ETH/USDT brace whitethorn illness to $1,368.

Contrarily, the bulls volition again effort to propulsion and prolong the terms supra the moving averages. If they tin propulsion it off, the brace could leap to $1,746. This level is again apt to witnesser beardown selling by the bears.

BNB terms analysis

BNB (BNB) rebounded disconnected the beardown enactment astatine $203 and nudged supra the downtrend enactment connected Oct. 16. However, the agelong wick connected the candlestick shows that the bears are selling connected rallies.

The 20-day EMA ($210) has flattened retired and the RSI is supra the midpoint, suggesting that the bearish momentum is weakening.

The bulls volition again effort to instrumentality vantage of this concern and propel the terms supra the downtrend line. If they tin support the higher levels, it volition invalidate the bearish descending triangle pattern. The BNB/USDT brace whitethorn past ascent to $235 and aboriginal to $250.

This bullish presumption volition beryllium negated if the terms turns down and plunges beneath the captious enactment astatine $203. The brace whitethorn past tumble to $183.

XRP terms analysis

XRP (XRP) has been stuck wrong the ample scope betwixt $0.41 and $0.56 for the past respective days. The bulls are trying to commencement a pullback, which is apt to look stiff absorption astatine the moving averages.

If the terms turns down from the moving averages, it volition suggest that each insignificant alleviation rally is being sold into. That volition summation the anticipation of a driblet to $0.46. If this level besides fails to hold, the XRP/USDT brace whitethorn descend to $0.41.

Contrarily, if bulls thrust the terms supra the moving averages, it volition bespeak coagulated buying astatine little levels. The brace volition past effort a rally to $0.56. The bears are expected to support this level with vigor.

Solana terms analysis

Solana (SOL) surged supra the near-term absorption of $22.50 connected Oct. 16, indicating that the bulls are trying to instrumentality control.

The bulls pushed the terms to the neckline of the inverse caput and shoulders signifier but could not standard the level. This is an important absorption to support an oculus connected due to the fact that a adjacent supra it volition implicit the bullish setup. The SOL/USDT brace whitethorn past commencement an up-move to $27.12 and aboriginal to the signifier people of $32.81.

If bears privation to forestall the upside, they volition person to rapidly resistance the terms backmost beneath the 50-day SMA ($20.56). The brace whitethorn past dip to $18.50.

Cardano terms analysis

Cardano (ADA) bounced disconnected the beardown enactment adjacent $0.24, indicating that the bulls are fiercely defending this level.

The contiguous absorption connected the upside is from the moving averages. Buyers tried to flooded this obstacle connected Oct. 16 but the agelong wick connected the candlestick shows selling astatine higher levels. If bulls bash not springiness up overmuch crushed from the existent level, it volition amended the prospects of a rally supra $0.28. This level whitethorn again behave arsenic a absorption but if cleared, the ADA/USDT brace could scope $0.30.

The important level to ticker connected the downside is $0.24. If the terms turns down from the moving averages, it volition summation the likelihood of a driblet beneath $0.24. A interruption beneath this important enactment could descend the brace to $0.22 and subsequently to $0.20.

Dogecoin terms analysis

Dogecoin (DOGE) recovered to the breakdown level of $0.06 connected Oct. 14, indicating that little levels are attracting buyers.

The 20-day EMA ($0.06) is flattening retired and the RSI is adjacent the midpoint, signaling that the selling unit could beryllium reducing. If buyers thrust and support the terms supra the moving averages, it volition suggest the commencement of a caller up-move to $0.07. This level whitethorn again enactment arsenic a stiff hurdle but if cleared, the DOGE/USDT brace could scope $0.08.

Alternatively, if the terms turns down from the existent level, it volition suggest that the brace whitethorn widen its enactment wrong the $0.055 to $0.06 scope for immoderate much time.

Toncoin terms analysis

Toncoin (TON) has been trading beneath the moving averages since October 12 but a affirmative motion is that the bears person not been capable to capitalize connected this weakness. This indicates a deficiency of selling astatine little levels.

The bulls tried to propulsion the terms backmost supra the moving averages but the agelong wick connected the candlestick shows that the bears are successful nary temper to relent. Sellers volition again effort to descend the terms beneath $1.89 and commencement a deeper correction. The adjacent enactment connected the downside is astatine $1.80 and past $1.60.

If bulls privation to awesome a comeback, they volition person to propulsion and prolong the terms supra the moving averages. The TON/USDT brace could archetypal emergence to $2.20 and past to $2.31.

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