Price analysis 8/21: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, DOT
After the sharp fall on Aug. 17, Bitcoin (BTC) remained stuck inside a tight range over the weekend. This suggests indecision between the bulls and the bears about the next directional move.
After the latest fall, about 88% of Bitcoin held by Short-term Holders (STHs), owning Bitcoin for 155 days or less, has plunged into loss, according to Glassnode’s weekly newsletter, “The Week On-Chain.” Glassnode warns that the STH cohort is “increasingly price sensitive.”
In comparison, the long-term holders have neither panicked nor gone on a shopping spree during the current fall.
Traders are likely to keep a close watch on the United States Federal Reserve Chairman Jerome Powell’s speech at the annual Jackson Hole Economic Symposium on Aug. 25. If Powell does not spring a negative surprise, then the event may turn out to be bullish for risky assets. History suggests that U.S. stocks generally rise in the week after Jackson Hole.
What are the important support and resistance levels to watch for in Bitcoin and altcoins? Let’s analyze the charts to find out.
The S&P 500 Index (SPX) is correcting in an uptrend. Typically pullbacks are a buying opportunity in an uptrend but it is prudent to wait for the correction to end before resuming the purchases.
The price has reached the breakout level of 4,307, which is an important level to keep an eye on. The moving averages are on the verge of a bearish crossover and the relative strength index (RSI) is in the negative territory, indicating that bears are trying to seize control.
A bounce off the current level is again likely to face selling at the moving averages. If the price turns down from the moving averages, the index will be at risk of forming a bearish head and shoulders pattern.
On the
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