Price analysis 5/1: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL
JPMorgan Chase emerged as the winner in the auction to acquire the deposits and a “substantial majority of assets” of the troubled bank First Republic. This marked the failure of the third regional bank in the United States since March and laid open the vulnerabilities in the legacy banking system.
Meanwhile, Bitcoin (BTC) has risen for four consecutive months from January through April, a feat it last achieved in 2013. Will the recovery extend in May?
Historical data does not give a clear advantage either to the bulls or the bears in May. The performance is split right in the middle with five positive and five negative monthly closes in May, according to Coinglass data.
The recovery in Bitcoin is facing a stiff hurdle above $30,000, indicating that the bulls are wary of buying at higher levels. That could be because of the upcoming Fed’s meeting on May 2 and 3, which is known to cause an increase in short-term volatility.
What are the levels that the bulls need to defend on Bitcoin and select altcoins if they want to keep the chances alive for the continuation of the up-move? Let’s study the charts of the top-10 cryptocurrencies to find out.
The S&P 500 index (SPX) bounced off the 50-day simple moving average (4,035) on April 26 and has reached the overhead resistance of 4,200 on May 1.
The bears are expected to mount a strong defense in the zone between 4,200 and 4,325. If the price turns down from the overhead zone but does not fall below the moving averages, it will suggest that the sentiment is turning positive and traders are buying the dips.
That will increase the likelihood of a break above 4,325. If that happens, the index could accelerate toward 4,500 and then 4,650.
If bears want to gain the upper hand, they will
Read more on cointelegraph.com
