Price analysis 10/21: SPX, DXY, BTC, ETH, BNB, XRP, ADA, SOL, DOGE, MATIC

1 year ago

The 10-year Treasury output successful the United States roseate to its highest level since 2008. Although this benignant of rally is usually antagonistic for risky assets, the U.S. banal markets recovered crushed aft the Wall Street Journal reported that immoderate officials of the Federal Reserve were concerned astir the gait of the complaint hikes and the risks of over-tightening.

While it is wide accepted that the U.S. volition participate a recession, a statement rages connected astir however agelong it could last. On that, Tesla CEO Elon Musk precocious said connected Twitter that the recession could past “probably until outpouring of ‘24,” and added that it would beryllium bully to walk “one twelvemonth without a horrible planetary event.”

Bitcoin’s (BTC) terms has witnessed a monolithic driblet from its all-time precocious but its hash complaint remains strong. This has accrued Bitcoin’s discount comparative to its hash rate successful October to its highest since the archetypal 4th of 2020, according to Bloomberg Intelligence elder commodity strategist Mike McGlone. The erstwhile lawsuit of the immense discount was followed by a monolithic rally that lasted till 2021. McGlone believes the aforesaid could hap again this clip and Bitcoin whitethorn outperform astir large assets.

Let’s survey the charts of the S&P 500 scale (SPX), the U.S. dollar scale (DXY) and the large cryptocurrencies to spot immoderate reversals.

SPX

The S&P 500 scale roseate supra the 20-day exponential moving mean (3,702) connected Oct. 18 but the bulls could not physique upon this spot and situation the downtrend line. This suggests that the bears person not fixed up and are progressive astatine higher levels.

The 20-day EMA is trying to flatten retired and the comparative spot scale is supra 46, suggesting a imaginable range-bound enactment successful the adjacent term. Buyers are apt to support the portion betwixt 3,568 and 3,491 portion the bears volition effort to stall the betterment successful the 3,762 to 3,800 zone.

If the terms turns up and breaks supra 3,800, it volition interruption the little lows and little highs pattern. The scale could past emergence to the 50-day elemental moving mean (3,885).

The bears volition regain their clasp if they negociate to descend the terms beneath 3,491. That could commencement the adjacent limb of the down determination to 3,325.

DXY

The U.S. dollar scale remains successful a beardown uptrend arsenic the bulls are not allowing the terms to interruption beneath the 20-day EMA (112).

The bulls volition person to propel the terms supra the 113.92 to 114.77 portion to resume the uptrend. Buyers tried to bash that connected Oct. 21 but the agelong wick connected the day’s candlestick shows that bears are aggressively defending the overhead zone.

The sellers volition effort to summation the precocious manus successful the adjacent word by pulling the terms beneath the 20-day EMA. If they succeed, the scale could descend to 110. Buyers are apt to support this level and a bounce disconnected it could support the scale range-bound betwixt 110 and 114.77 for immoderate time.

On the downside, a interruption and adjacent beneath the uptrend enactment could constituent to a inclination change. Alternatively, a rally supra 114.77 could bespeak the commencement of the adjacent limb of the uptrend to 117.14.

BTC/USDT

Bitcoin bounced disconnected the nearest enactment astatine $18,843 connected Oct. 20 but the bulls could not flooded the obstacle astatine the 20-day EMA ($19,318). This suggests that the bears privation to further cement their hold.

If the terms slips and sustains beneath $18,843, the BTC/USDT brace could driblet to $18,125. The bulls are expected to vigorously support the portion betwixt $18,125 and $17,622 due to the fact that if they neglect to bash that, the brace could resume its downtrend. The adjacent halt connected the downside could beryllium $15,750.

The agelong process connected the Oct. 21 candlestick shows that buyers purchased the dip beneath $18,843. They volition effort to propel the terms supra the moving averages. A interruption supra the 50-day SMA ($19,616) could wide the way for a imaginable rally to $20,500. This is an important level to support an oculus connected due to the fact that a interruption supra it could awesome the commencement of a beardown betterment to $22,800 and past $25,211.

ETH/USDT

Ether (ETH) is struggling to emergence supra the 20-day EMA ($1,313) but a insignificant affirmative is that the bulls person not allowed the terms to prolong beneath the contiguous enactment astatine $1,263.

If the terms turns up from the existent level and breaks supra the 20-day EMA, the ETH/USDT brace could rally to the downtrend enactment of the descending channel. Buyers volition person to thrust the terms supra this absorption to bespeak the commencement of a caller up-move.

On the contrary, if the terms continues little and breaks beneath the $1,220 to $1,190 enactment zone, the selling could intensify and the brace could driblet to the intelligence level astatine $1,000 and past to the enactment enactment of the channel.

BNB/USDT

BNB (BNB) has been trading beneath some the moving averages and the bears are trying to descend the terms to the enactment of the scope astatine $258.

The gradually downsloping 20-day EMA ($274) and the comparative spot scale (RSI) successful the antagonistic territory bespeak vantage to bears. The $258 level is apt to witnesser a pugnacious conflict betwixt the bulls and the bears. If sellers travel retired connected top, the BNB/USDT brace could driblet to $216.

Instead, if the terms turns up from the existent level oregon the $258 support, the bulls volition effort to propulsion the brace supra the moving averages. If that happens, the brace could effort a rally to $300. This level is apt to enactment arsenic a beardown obstruction but if bulls flooded it, the brace could rally to $338.

XRP/USDT

XRP (XRP) plunged beneath the processing symmetrical triangle signifier connected Oct. 20 but the agelong process connected the candlestick shows that the bulls are buying the dips to the 50-day SMA ($0.43). Buyers again defended the 50-day SMA connected Oct. 21.

The 20-day EMA ($0.46) has started to crook down and the RSI has slipped into antagonistic territory, indicating that the bears person a flimsy edge. If the terms turns down from the existent level oregon the 20-day EMA, the bears volition effort to propulsion the XRP/USDT brace to the breakout level of $0.41. This level is apt to pull beardown buying.

On the upside, a interruption and adjacent supra the 20-day EMA volition beryllium the archetypal denotation of strength. The brace could past emergence to $0.51 and aboriginal to the absorption line. A interruption and adjacent supra the triangle could amended the prospects of the resumption of the uptrend.

ADA/USDT

Cardano (ADA) has been successful a downtrend for the past respective days. After a two-day alleviation rally, the selling resumed connected Oct. 18 and the bears person pulled the terms to the enactment enactment of the wedge.

The crisp selling of the past fewer days has sent the RSI tumbling heavy into the oversold territory. This suggests that the selling whitethorn person been overdone successful the adjacent word and a alleviation rally oregon consolidation whitethorn beryllium astir the corner.

If the terms rebounds disconnected the enactment line, the ADA/USDT brace volition effort to emergence to $0.36 and past to the 20-day EMA ($0.38). A interruption supra this level volition beryllium the archetypal denotation that the bears whitethorn beryllium losing their grip.

On the downside, if the terms breaks beneath the enactment line, the selling could further prime up momentum and the brace could plummet to $0.30.

SOL/USDT

Solana (SOL) dropped beneath the $29.42 enactment connected Oct. 19, indicating accrued selling unit from the bears. The selling continued and the $27.87 enactment was taken retired connected Oct. 21. This clears the way for a retest of the important enactment astatine $26.

The downsloping moving averages and the RSI successful the antagonistic territory bespeak that bears are successful control. If the SOL/USDT brace does not rebound sharply disconnected $26, the anticipation of a interruption beneath it increases. The brace could past diminution to the adjacent enactment astatine $22.

Contrary to this assumption, if the terms turns up from the existent level oregon $26 and breaks supra $30, it volition awesome accumulation astatine little levels. The bullish momentum could prime up successful the adjacent word aft the brace breaks supra the 50-day SMA ($32.28).

DOGE/USDT

Attempts by the bulls to propulsion Dogecoin (DOGE) supra the moving averages person met with important absorption from the bears. The sellers volition present effort to descend the terms to the enactment adjacent $0.06.

The downsloping 20-day EMA ($0.06) and the RSI beneath 45 suggest that bears person the precocious hand. If sellers descend the terms beneath the support, the DOGE/USDT brace could plunge to the June debased adjacent $0.05. The bulls volition person to support this level with each their mightiness due to the fact that if the enactment cracks, the brace could commencement the adjacent limb of the downtrend.

If bulls privation to forestall a collapse, they volition person to rapidly propulsion the terms supra the moving averages. The brace could past emergence to $0.07 wherever the bears whitethorn again equine a beardown resistance.

MATIC/USDT

Polygon (MATIC) turned down from $0.88 connected Oct. 19 and broke beneath the moving averages connected Oct. 21. The nonaccomplishment of the bulls to support the moving averages connected the retest is simply a antagonistic sign.

If the terms sustains beneath the moving averages, the likelihood of a driblet to the $0.71 to $0.69 enactment portion increases.

If the terms rebounds disconnected this zone, it volition suggest that the MATIC/USDT brace whitethorn consolidate successful a tighter scope betwixt $0.69 and $0.88 for a fewer days. The flattish moving averages and the RSI conscionable beneath the midpoint besides suggests a consolidation successful the adjacent term.

On the different hand, if the terms rapidly reverses absorption and breaks supra $0.88, it volition suggest a alteration successful sentiment from selling connected rallies to buying connected dips. The brace could past ascent to $0.94 and aboriginal to $1.05.

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.

View source