Stocks fall, yields rise as inflation data comes in hotter than expected

October 12, 2023 Coin Telegraph

The stock market declined on October 12 as the US BLS released new data showing prices rose faster than expected.

October 12, 2023

Stocks fell in the US today as newly released inflation data overshot expectations. The Dow Jones Industrial Average fell by 173.73 points (0.51%), to 33,631.14. The S&P 500 declined by 27.34 points (0.62%), ending the day at 4,349.61. The tech-heavy Nasdaq index lost 85.46 points (0.63%), declining to 13,574.22.

*One-day S&P 500 chart for 10-12-2023. Source: MSN Money.*

At 8:30 am ET, the US Bureau of Labor Statistics released Consumer Price Index data for the month of September. It showed that prices increased 0.4% over the course of the month and 3.7% in the year preceding October 1. This was higher than the 0.3% for the month and 3.6% year-over-year estimated by Dow Jones. Traders interpreted the higher-than-expected figure as bearish for equities, as it could imply that the Federal Reserve will need to keep interest rates elevated for longer than previously expected as they attempt to keep inflation under control.

Despite this decline in the overall market, shares of some retail-sector companies did unusually well. Wallgreens gained 7% after it reported that its losses had not been as great as previously expected, and Dollar General stock surged by nearly 10% after-hours as the company announced that former CEO Todd Vasos will return to the company.

US Treasury yields rose as traders digested the new inflation data. The 10-year note gained 0.102 points, reaching 4.699%. The two-year gained 0.066 points, rising to 5.071%.

Gold fell by $6.52 per Troy Ounce, to 1,868.93. Gold has been trending down since May 4, when it peaked at $2,060.60. Since then, concerns about rising interest rates and a strong dollar have kept the yellow metal in decline.

*Caption: Gold price since May, 2023. Source: Apmex.*

Oil gained slightly today, with West Texas Intermediate adding a penny per barrel (0.012%) to its price to reach $83.50. Brent crude gained $0.56 (0.65%) per barrel to reach $86.38.

In the forex market, the US Dollar Index rose 0.76 points, to 106.58. The euro fell 0.85% to $1.0528. The yen fell 0.47%, causing the number of yen needed to buy a dollar to rise to 149.7720. Many traders believe that Japanese monetary authorities will intervene if this number rises above 150.

Information for this news item was sourced from Apmex, CNBC, MSN Money, Yahoo Finance, and Business Insider.

Vintage Markets is dedicated to the in-depth exploration and reporting of traditional financial news, tracing the journey of global markets and economies from the Stone Age to the Stoned Age.

US stocks rise as traders wait for inflation data

October 11, 2023 Coin Telegraph

Coin Telegraph

All US stock indices rose on October 11, as traders awaited consumer price index data to be released on the 12th.

October 11, 2023

US stocks rose for the fourth day in a row today, as traders waited for the consumer price index report to be released on October 12. The Dow Jones Industrial Average increased by 65.57 points (0.19%), to 33,804.87. The S&P 500 gained 18.71 points (0.43%), closing at 4,376.95. The Nasdaq went up by 96.83 points (0.71%), ending the day at 13,659.68.

*S&P 500 one-day chart for 10-11-2023. Source: MSN Money.*

Despite today’s uptick, stock prices are lower than they were in July, as fears of interest rate increases have dominated the market narrative since then. Bears expect inflation to rise faster than anticipated, causing the Fed to respond with more rate hikes, while bulls are more optimistic that inflation will stay under control and not require interest rates to rise much further. The Bureau of Labor Statistics is expected to release inflation data for September tomorrow. Economists surveyed by Dow Jones have estimated that the US experienced an inflation rate of 0.3% in the month.

Minutes for the September Federal Open Market Committee meeting were released today, revealing that the majority of members expect that at least one more rate hike will be needed this cycle, although some members disagreed with this majority viewpoint. All members agreed that rates will need to remain high until sufficient evidence proves that inflation is moving back to 2% per year.

The 10-year and two-year US Treasury yields moved in opposite directions over the course of the day. The 10-year fell by 0.1 points, to 4.564%. The two-year rose by 0.002 points, to 4.986%. The yield-curve remains inverted, which some traders view as a sign of an impending recession.

Despite the Fed’s talk of interest rate increases, gold traders remained bullish. Gold gained $13.81, rising to $1,873.56 per Troy Ounce.

Oil declined, with West Texas Intermediate falling $2.62 per barrel, to $83.33 and Brent crude falling $2.03 per barrel, to $85.62. Oil surged over 4% on Monday, when traders began to fear that new Iran sanctions may be imposed due to the Israel-Hamas conflict. However, it began to slip back to lower levels on Tuesday after Iran denied involvement in the conflict, and this decline has continued today.

*West Texas Intermediate crude one-day chart, 10-11-2023. Source: MSN Money.*

In the forex market, the US Dollar Index fell 0.1%, to 105.73. The euro rose 0.1275%, to 1.0622. The yen fell 0.2777%, causing the number of yen needed to buy a dollar to rise to 149.1180. Some traders expect the Bank of Japan to intervene if this number rises above 150.

Information for this news item was sourced from CNBC, Marketwatch, Kitco, Business Insider and MSN Money.

Vintage Markets is dedicated to the in-depth exploration and reporting of traditional financial news, tracing the journey of global markets and economies from Stone Age to Stoned Age.

US Stocks rise for third straight day as bond yields fall

October 10, 2023 Coin Telegraph

Coin Telegraph

Treasury yields declined, giving stock market bulls new momentum.

October 10, 2023

Stocks in the US rose for the third straight day as the market continues to assess the effect of the Israeli-Hamas conflict. Bond yields fell as investors desired the safety of US Treasuries, and these falling yields helped to bolster the stock market. Today was the first day that Treasuries have been traded since the start of the Israeli-Hamas conflict, as the bond market was closed on Monday.

The Dow rose 134.65 points (0.4%), to 33,739.30. The S&P 500 gained 22.58 points (0.5%), reaching 4,358.24. The Nasdaq climbed 78.61 points (0.6%), ending the day at 13,562.84.

*Caption: S&P 500 one-day chart for 10-10-2023. Source: MSN Money.*

The yield on the US 10 Year Treasury Note fell 0.149 points, to 4.655%, and the 2-year note fell 0.148 points, to 4.961%. The yield on a Treasury Note is inversely related to its price, so a falling yield implies a rising price for it. Stocks have been under pressure since July, as continuously rising yields have attracted investors to Treasuries instead of stocks, but today’s pullback in yields was seen as a welcome relief by stock market bulls.

Oil prices declined as war-related fears began to wane. West Texas Intermediate crude fell by $0.59 per barrel, to $85.79, while Brent crude declined by $0.03, to $87.62. Over the weekend, some traders had begun to fear renewed sanctions against Iran, which could reduce supply and drive up prices. But Iran denied involvement on Monday, which gradually began to reduce these expectations.

Gold prices saw a reduction of $0.79 per Troy Ounce, falling to $1,860.48. Despite an early dip, a rally emerged around 10:30 am ET, enabling gold to recover a significant portion of its earlier losses.

*Gold one-day chart for 10-10-2023. Source: Business Insider.*

The US Dollar Index rose 0.29%, to 105.77. The euro gained 0.3852%, ending up at 1.0606. The yen fell 0.1%, causing the number of yen needed to buy a dollar to rise to 148.6660.

Vintage Markets is dedicated to the in-depth exploration and reporting of traditional financial news, tracing the journey of global markets and economies from Stone Age to Stoned Age.

US Stocks Overcome Early Decline Amid Israeli-Gaza Tensions to Close Higher

October 9, 2023 Coin Telegraph

Coin Telegraph

The Dow and S&P 500 fell early in the day, but rebounded to end the day positive.

October 9, 2023

US markets demonstrated resilience on Monday, initially succumbing to concerns over the escalating Israeli-Gaza conflict, but rebounding later to close in the green. The Dow closed up 0.5%, at 33,604.65. The S&P 500 rose by 0.6%, reaching 4,335.66. The tech-heavy Nasdaq went to 13,484.24, a gain of 0.4%. The S&P was down slightly at 10:50 a.m. ET, having fallen from 4281.91 to 4285.73, a loss of 3.852 points, but this loss was erased by the end of the day. The other two indices made similar moves down, then up.

*One-day chart for the S&P 500. Source: MSN Money.*

Over the weekend, Palestinian militant group Hamas launched an attack against Israel. The new outbreak of war caused some traders to fear volatility will rock the market, causing a bearish sentiment to take hold early on. However, these fears were largely shrugged off over the course of the day. Defense-related companies surged, with Lockheed Martin gaining 8.5% and Northrop Grumman Corp gaining 11%. Oil producers also gained thanks to a belief that high oil prices are coming.

Gold was buoyed by the turmoil, rising $13.59 (0.74%), to $1,861.53.

*One-day gold chart, 10-9-2023. Source: GoldPrice, TradingView*

Oil also rose today, with West Texas Intermediate hitting $86.29, a gain of 4.24% on the day. Brent crude rose to $88.05, a gain of 4.09% on the day. GasBuddy issued a report stating that US gasoline prices have declined by $0.11 per gallon, but this was mostly overlooked and failed to stop the war-driven oil rally.

The US Dollar Index rose by 0.03%, to 106.08. In tandem with the rise in the dollar, the euro fell 0.2220%, to 1.0566. The yen gained 0.5138%, bringing the number of yen needed to buy a dollar to 148.5070. The yen has been trading sideways since September 25, when the Bank of Japan stated that it would intervene if the currency fell much further. Prior to that date, it had lost 13% of its value since the start of the year.

Information for this news item was sourced from CNBC, OilPrice, Yahoo Finance, MSN Money, and Marketwatch.

Vintage Finance is dedicated to the in-depth exploration and reporting of traditional financial news, tracing the journey of global markets and economies from Stone Age to Stoned Age.

Price analysis 10/2: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON

October 2, 2023 Coin Telegraph

Binance Coin

Bitcoin and select altcoins are looking strong at the start of October, but will the flashpan bullish momentum last?

The United States legislators in the House and Senate came to a temporary agreement on Sep. 30 and averted a government shutdown for 45 days. This news could have acted as a catalyst for Bitcoin’s (BTC) sharp rally on Oct. 1. Additionally, the historically strong performance of Bitcoin in October could have boosted sentiment further.

The U.S. stock markets are also in a sweet spot in October. Data from the Stock Trader’s Almanac shows that the S&P 500 Index (SPX) has risen by an average of 0.9% in October, between 1950 and 2021. However, it does not mean that the bulls can be carefree because the stock market weathered one of its worst declines in the Black Monday crash in October 1987.

*Daily cryptocurrency market performance. Source:* *Coin360*

While a short-term up-move is possible in the cryptocurrency markets, it is unlikely to start a runaway rally. Higher levels are likely to witness profit-booking as the skyrocketing U.S. dollar index (DXY) could keep the bulls on the edge of their seats.

What are the important overhead resistance levels in Bitcoin and altcoins that may attract sellers? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index plunged below the formidable support at 4,325 on Sep. 22. That completed a bearish head and shoulders pattern, indicating the start of a downward move.

*SPX daily chart. Source:* *TradingView*

Usually, the price turns around and retests the breakdown level, which in this case is 4,325. That happened on Sep. 29. The neckline of the setup is likely to witness a tough battle between the bulls and the bears.

If the price turns down and breaks below 4,238, it will indicate that bears are in control. That could accelerate selling and the index may dive to the pattern target of 4,043.

Any recovery attempt is likely to face selling at 4,325 and then at the 20-day exponential moving average ($4,370). A break above this resistance will be the first sign of strength. The index could then ascend to the downtrend line.

U.S. dollar index price analysis

The U.S. dollar index has witnessed a scintillating run in the past several days. The bulls propelled the price above the overhead resistance of 106 on Sep. 26, indicating the start of a new uptrend.

*DXY daily chart. Source:* *TradingView*

Sellers tried to pull the price back below the breakout level of 106 on Sep. 29 but the long tail on the candlestick shows solid buying at lower levels. The bulls will try to flip the 106 level into support. If they are successful, the index could rally to 108.

The bears are unlikely to surrender easily. They will try to drag the price back below 106 and then the 20-day EMA. If they manage to do that, it will trap the aggressive bulls. The index may then descend to the 50-day simple moving average ($103).

Bitcoin price analysis

Bitcoin surged above the immediate resistance of $27,500 on Oct. 1 and then stretched the rally above $28,143 on Oct. 2. The ease with which $28,143 was conquered shows that more is likely to come.

*BTC/USDT daily chart. Source:* *TradingView*

The bulls will try to push the price to $31,000 where they are likely to encounter solid resistance from the bears. If the price turns down sharply from this level, it will suggest that the BTC/USDT pair remains stuck inside the large range between $31,000 and $24,800.

The first support on the downside is $28,143 and then the 20-day EMA ($26,862). If the price slips back below $28,143, it may trap the aggressive bulls. That could then pull the price to the 20-day EMA. Sellers will have to yank the price below this level if they want to seize control.

Ether price analysis

Ether (ETH) pierced the 50-day SMA ($1,652) on Sep. 29 and followed that up with another sharp rally on Oct. 1. That pushed the price to the overhead resistance at $1,746.

*ETH/USDT daily chart. Source:* *TradingView*

The 20-day EMA ($1,644) has turned up and the relative strength index (RSI) is above the 64 level, indicating that the bulls are in command. That enhances the prospects of a rally above $1,746. If that happens, the ETH/USDT pair will complete a double bottom pattern. This setup has a target objective of $1,959.

Sellers will make every effort to halt the recovery at $1,746. They will have to drag the price back below the moving averages to weaken the positive momentum. The pair may then extend its stay inside the range for some more time.

BNB price analysis

BNB (BNB) turned down from the 50-day SMA ($216) on Sep. 29 and 30 but found support at the 20-day EMA ($214). This suggests a positive sentiment where dips are being purchased.

*BNB/USDT daily chart. Source:* *TradingView*

The moving averages are on the verge of a bullish crossover and the RSI is in the positive territory, indicating that bulls have the edge. A break and close above $220 will suggest the start of a new uptrend. The BNB/USDT pair could first rally to $235 and subsequently to $250.

Contrary to this assumption, if the price turns down from $220, the bears will again attempt to tug the pair below the 20-day EMA. If they succeed, it will indicate that the consolidation may extend for a few more days.

XRP price analysis

XRP (XRP) rose above the symmetrical triangle pattern on Sep. 29 and the bulls held the retest of the breakout level on Sep. 30. This suggests that bulls are back in the game.

*XRP/USDT daily chart. Source:* *TradingView*

Buyers will next try to drive the price to the overhead resistance at $0.56. This is an important level to keep an eye on because a rally above it could indicate the start of a new uptrend toward the pattern target of $0.64.

On the other hand, if the price turns down from $0.56, it will suggest that the bears have not given up and they continue to sell on rallies. That could restrict the XRP/USDT pair inside the range between $0.41 and $0.56 for a while longer.

Solana price analysis

Solana (SOL) blasted above the $22.30 overhead resistance on Oct. 1, indicating that the bulls are on a comeback.

*SOL/USDT daily chart. Source:* *TradingView*

The sharp up-move has pushed the RSI into the overbought space, suggesting that the rally may soon face resistance. The bears may attempt to stall the recovery at $25.50 and then again at $27.12. If the price turns down from this level, it will signal that the $14 to $27.12 range remains intact.

The important support to watch on the downside is the 20-day EMA ($20.50). Sellers will have to yank the SOL/USDT pair back below this level to weaken the bullish tempo.

Cardano price analysis

Cardano (ADA) soared above the downtrend line and the 50-day SMA ($0.25) on Oct. 1, invalidating the developing bearish descending triangle pattern.

*ADA/USDT daily chart. Source:* *TradingView*

Generally, the failure of a bearish setup is a positive sign as bulls who have been waiting on the sidelines jump in to buy. However, before that, the price may turn down and retest the breakout level.

If the level holds, it will signal that the bulls have flipped the downtrend line into support. The ADA/USDT pair could then start an up-move to $0.29 and thereafter to $0.32.

On the contrary, if the price turns down and re-enters the triangle, it will indicate that the markets have rejected the higher levels. The pair may then retest the important support at $0.24.

Dogecoin price analysis

Dogecoin (DOGE) rose above the 20-day EMA ($0.06) on Sep. 29 and reached the 50-day SMA ($0.06) on Oct. 1. This shows that the bulls are trying to start an up-move.

*DOGE/USDT daily chart. Source:* *TradingView*

The 20-day EMA is flattish but the RSI has jumped into the positive zone, indicating that the momentum is turning positive. A close above the 50-day SMA will open the gates for a possible rally to $0.07. This level may act as a minor hurdle but if crossed, the DOGE/USDT pair is likely to climb to $0.08.

Time is running out for the bears. If they want to prevent the rally, they will have to quickly tug the price back below the 20-day EMA. The pair may then retest the crucial support at $0.06.

Toncoin price analysis

Toncoin’s (TON) relief rally fizzled out at $2.31 on Sep. 28, indicating that the bears are selling at higher levels. The price turned down but the bulls held the $2.07 support on Oct. 1.

*TON/USDT daily chart. Source:* *TradingView*

The bears renewed their selling on Oct. 2 and pulled the price below the vital support at $2.07. If the price sustains below this level, the selling could intensify and the TON/USDT pair risks tumbling down to the 50-day SMA ($1.84).

On the upside, the bulls will have to drive the price above $2.31 to open the doors for a possible retest of the overhead resistance at $2.59. This level may again attract aggressive selling by the bears.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Price analysis 9/25: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, TON, SOL

September 25, 2023 Coin Telegraph

ada

The strength in the United States dollar index could keep Bitcoin and select altcoins under pressure in the near term.

Bitcoin’s (BTC) weakness on Sep. 24 shows that the bears remain in control. Sellers are trying to pull the price below $26,000 but the bulls are likely to defend the level with vigor. Buyers are trying to achieve a positive monthly close for Bitcoin in September for the first time since 2016.

If they can pull it off, it will be a major sentiment booster as October generally favors the buyers. According to CoinGlass data, Bitcoin has seen a negative monthly close in October only on two occasions, in 2014 and 2018. However, Bitcoin bulls will find it difficult to maintain the momentum if macroeconomic headwinds persist.

Another risk to the cryptocurrency recovery may come from the strength in the greenback, which has risen for ten straight weeks, its longest winning streak since 2014. The United States dollar index (DXY) has also formed a golden cross, indicating further potential upside in the near term.

Will the U.S. dollar extend its gains or witness a short-term correction? Can Bitcoin bulls hold off the bear pressure in the last week of September? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index turned down sharply from the downtrend line and broke below the moving averages on Sep. 15. This started a downward move, which has reached the crucial support at 4,325.

The 20-day exponential moving average (4,422) has started to turn down and the relative strength index (RSI) is near the oversold territory, indicating that bears have the edge. If the price maintains below 4,325, the index will complete a bearish head and shoulders (H&S) pattern. This negative setup has a target objective of 4,043.

If bulls want to prevent the fall, they will have to quickly drive the price above the 20-day EMA. That could attract further buying and the bulls will then attempt to kick the price above the downtrend line. If they manage to do that, the index has a good chance of retesting the local high at 4,607.

U.S. dollar index price analysis

The U.S. dollar index bounced off the 20-day EMA (104.85) on Sep. 20, indicating that the sentiment remains positive and traders are buying on dips.

The up-move is likely to hit a wall at 106. This is the key level to keep an eye on in the near term. If the price turns down from this resistance but bounces off the 20-day EMA, it will enhance the prospects of a rally above 106. The next resistance on the upside is at 108.

Sellers will have to yank the price back below the 20-day EMA if they want to weaken the bullish momentum. The index could then drop to 104.40 and later to the 50-day simple moving average (103.35).

Bitcoin price analysis

The uncertainty from the inside-day candlestick pattern on Sep. 22 and 23 resolved to the downside on Sep. 24. This suggests that the bears have asserted their supremacy.

The sellers will try to strengthen their position further by pulling the price to the solid support at $24,800. This remains the key level to watch out for in the near term as the bulls are expected to defend it with all their might. If the $24,800 support gives way, the BTC/USDT pair could start a downward move to $20,000.

Time is running out for the bulls. If they want to start a meaningful recovery, they will have to push and sustain the price above the moving averages. That will open the doors for a retest of the overhead resistance at $28,143.

Ether price analysis

Ether (ETH) has been gradually slipping toward the pivotal level at $1,531, suggesting a lack of buying support from the bulls.

Although the downsloping moving averages indicate advantage to sellers, the RSI is showing signs of forming a bullish divergence. This suggests that the selling pressure could be reducing. This increases the likelihood of a bounce off $1,531.

If bulls shove the price above the 20-day EMA ($1,616), it will signal a range-bound action between $1,531 and $1,746 for a few days. This view will invalidate if bears sink and sustain the ETH/USDT pair below $1,531. The pair could then plummet to $1,368.

BNB price analysis

BNB (BNB) has been swinging between $220 and $203 for the past few days. In a range, traders generally buy near the support and sell close to the resistance.

Both moving averages are sloping down, indicating advantage to bears but the RSI is trying to form a bullish divergence. This suggests that the bearish momentum may be weakening. Buyers are likely to defend the $203 level with vigor.

If the price rises from the current level or bounces off $203, it will suggest that the range-bound action may continue for some more time. Sellers will need to tug the price below the critical support at $203 to take charge. The BNB/USDT pair could then plunge to $183.

XRP price analysis

After staying above the 20-day EMA ($0.50) for a few days, XRP (XRP) tumbled below the level on Sep. 24. This suggests that the bears have gained the upper hand.

XRP price could fall to the uptrend line, which is expected to act as a strong support. If the price rebounds off the uptrend line, the bulls will again try to shove the price above the 20-day EMA. If they do that, it will signal aggressive buying at lower levels. The pair may then climb to the 50-day SMA ($0.53).

Contrarily, if the uptrend line fails to hold, XRP price could first slump to $0.46 and thereafter to the formidable support at $0.41. This level is likely to attract strong buying by the bulls.

Cardano price analysis

Cardano (ADA) dropped to the critical support at $0.24 on Sep. 25, indicating that the bears have maintained their pressure.

A minor advantage in favor of the bulls is that the RSI is forming a bullish divergence. The bulls will have to quickly shove the ADA/USDT pair above the downtrend line to reduce the risk of a breakdown below $0.24. If they can pull it off, the bearish descending triangle will be rendered invalid and that could boost the price to $0.29.

Instead, if bears drag ADA price below $0.24, it will complete the bearish setup. That could start a downward move toward $0.22 and subsequently to the pattern target of $0.19.

Dogecoin price analysis

Dogecoin (DOGE) is stuck inside a tight range between $0.06 and the 20-day EMA ($0.06). Typically, a volatility squeeze is followed by an expansion in volatility but it is difficult to predict the direction of the breakout.

If the price turns up off the current level, the bulls will again try to clear the overhead hurdle at the 20-day EMA. If they succeed, the DOGE/USDT pair could rise to $0.07 and later sprint to $0.08. The bears are expected to sell near this level.

Alternatively, if the range resolves to the downside with a break below $0.06, it will indicate that bears have seized control. DOGE price may then nosedive to the next major support at $0.055.

Toncoin price analysis

Toncoin (TON) turned down sharply from the overhead resistance at $2.59 on Sep. 20 and continued lower, indicating that the bulls are booking profits.

The first support on the downside is at the 20-day EMA ($2.11). If the price rebounds off this level with strength, it will suggest that the sentiment remains positive and traders are buying on dips. The bulls will then again try to push the price to $2.59.

Contrary to this assumption, if the price skids below the 20-day EMA, it will indicate that the bulls are losing their grip. The TON/USDT pair could first dip to the psychological level of $2 and later to the 50-day SMA ($1.72). A deeper correction is likely to delay the next leg of the up-move.

Solana price analysis

Solana (SOL) has been clinging to the 20-day EMA ($19.53) for the past few days, indicating a tough battle between the bulls and the bears.

The flattish 20-day EMA and the RSI just below the midpoint indicate a balance between supply and demand. On the upside, the bulls will have to thrust the price above the 50-day SMA ($20.80) to signal the start of a recovery to $22.30.

Conversely, if the price turns down from the current level, it will suggest that the bears are back in command. The SOL/USDT pair could then retest the important support at $17.33. If this level snaps, the pair may collapse to $14.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Price analysis 9/18: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, TON, SOL

September 18, 2023 Coin Telegraph

ada

Bitcoin and select altcoins are attempting to make a comeback as traders expect the Fed to hold rates steady during their meeting this week.

The failure of the bears to sink Bitcoin’s (BTC) price below $25,000-support ignited buying interest last week. The positive momentum picked up further at the start of the new week and buyers are trying to sustain Bitcoin’s price above $27,000.

Market participants seem to be buoyant on expectations that the Federal Reserve will not hike rates this year. The CME FedWatch Tool shows a 58% probability that the rates will remain at the current levels even in the December meeting.

That could be one of the reasons why the strength in the United States dollar index (DXY) has not adversely impacted the price of Bitcoin. However, traders need to be careful as the last ten days in September are known to favor the bears. According to the Carson Group, the S&P 500 Index (SPX) has been positive on average only for two days between Sep. 20 and 30 since 1950.

Could Bitcoin and select altcoins extend their recovery further or will bears pull the price lower? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index broke above the moving averages on Sep. 14 but the bulls could not keep up the momentum and clear the overhead hurdle at the downtrend line.

The bears sold aggressively at the downtrend line and pulled the price back below the moving averages on Sep. 15. Sellers will try to further strengthen their position by pulling the price below the next support at 4,030. If they do that, it will open the doors for a potential retest of the vital support at 4,325.

If bulls want to gain the upper hand, they will have to quickly drive the price above the downtrend line. There is a minor resistance at 4,542 but if this level is crossed, the index could sprint toward 4,607.

U.S. dollar index price analysis

The U.S. dollar index has continued to grind higher in the past few days but it is likely to face stiff resistance at 106.

If buyers do not allow the price to dip below the 20-day exponential moving average (104), it will enhance the prospects of a rally above 106. If that happens, the index could pick up momentum and soar to 108.

Alternatively, if the price turns down sharply from 106, it will suggest that bears are defending this level aggressively. A drop below the 20-day EMA could sink the price to the 50-day simple removing average (102). That could keep the price stuck between 101 and 106 for some more time.

Bitcoin price analysis

Bitcoin has maintained above the 20-day EMA ($26,394) since Sep. 14, indicating that the bulls have flipped the level into support. Buyers are trying to strengthen their position further by pushing the price above the 50-day SMA ($27,255).

The bears are expected to pose a strong challenge in the zone between the 50-day SMA and the overhead resistance at $28,143. If the price turns down sharply from this zone, it will indicate that the BTC/USDT pair may stay range-bound between $24,800 and $28,143 for a few days.

On the other hand, if bulls drive the price above $28,143, it will clear the path for $30,000 and $31,000 as the next targets.

Overall, time is running out for the bears. If they want to regain control, they will have to quickly yank the price back below the 20-day EMA.

Ether price analysis

After struggling near the 20-day EMA ($1,639) for the past few days, the bulls succeeded in pushing Ether (ETH) above the overhead resistance on Sep. 18.

The 20-day EMA is flattening out and the RSI is near the midpoint, indicating that the bulls are on a comeback. If buyers sustain the price above the 20-day EMA, the ETH/USDT pair could first rise to the 50-day SMA ($1,712) and thereafter to $1,750. A break above this level will signal a short-term double bottom. The pattern target of this bullish setup is $1,959.

However, the bears are likely to have other plans. They will try to tug the price back below the 20-day EMA and trap the aggressive bulls. A break below $1,600 could start a downward move toward presumably strong support at $1,531.

BNB price analysis

BNB (BNB) rose above the 20-day EMA ($215) on Sep. 17, indicating that the bearish momentum is weakening. The price could next reach the 50-day SMA ($224).

The bears are likely to offer stiff resistance in the zone between the 50-day SMA and $235. If the price turns down from this zone, it will signal that the BNB/USDT pair could remain range-bound between $200 and $235 for a while. The flattish 20-day EMA and the RSI near the midpoint also suggest a consolidation in the near term.

Instead, if the bears sink the price below the 20-day EMA, the pair could again retest the vital support near $200. The repeated retest of a support level within a short interval tends to weaken it. If this level cracks, the pair may tumble to $183.

XRP price analysis

XRP’s (XRP) recovery is facing selling near the 20-day EMA ($0.50) but the bulls have not given up and are trying to push the price above the resistance.

If buyers kick the price above the 20-day EMA, the XRP/USDT pair could attempt a rally to $0.56. This level could prove to be a difficult barrier for the bulls to overcome.

Contrarily, if the price turns down from the current level, it will suggest that the bears are fiercely protecting the 20-day EMA. There is a minor support at the uptrend line but if this level cracks, the pair risks sliding to $0.45 and eventually to $0.41.

Cardano price analysis

Cardano (ADA) continues to be squeezed between the 20-day EMA ($0.25) and the critical support at $0.24. This tight-range trading is unlikely to continue for long and a breakout may be around the corner.

The positive divergence on the RSI suggests that the selling pressure is reducing. If the uncertainty resolves to the upside, it will pave the way for a possible rally to the overhead resistance at $0.28.

On the contrary, if the price plummets below $0.24, it will signal that the bears have asserted their supremacy. That could signal the start of the next leg of the downtrend. The ADA/USDT pair may then slump to $0.22.

Dogecoin price analysis

Dogecoin (DOGE) has been stuck between the 20-day EMA ($0.06) and the horizontal support at $0.06 for the past few days.

Generally, a squeeze in volatility is followed by a range expansion. If the DOGE/USDT pair soars and closes above the 20-day EMA, it will suggest that bulls are attempting a comeback. The pair could then rally to $0.07. Buyers will have to overcome this roadblock to start an up-move to $0.08.

This positive view will be invalidated if the price turns down and dives below the $0.06 support. That could pull the price down to the next support at $0.055. The bulls are expected to guard this level with vigor.

Toncoin price analysis

The long wick on Toncoin’s (TON) Sep. 16 and 17 candlestick shows that traders are booking profits near the overhead resistance at $2.59.

The overbought level on the RSI suggests a possible correction or range formation in the near term. However, the bulls have not given up and are again trying to propel TON price above $2.59. If they can pull it off, TON/USDT could pick up momentum and skyrocket to $3.

The important support to watch for on the downside is $2.25. If this level gives way, the pair could start a deeper correction to the next support at $2.07.

Solana price analysis

After trading near the 20-day EMA ($19.47) for the past few days, Solana (SOL) broke above the resistance on Sep. 18.

The 20-day EMA is flattening out and the RSI is near the midpoint, indicating that the bears may be losing their grip. Buyers will try to cement their position further by pushing the price to the overhead resistance at $22.30. This level is likely to attract sellers.

If the bulls fail to hold the price above the 20-day EMA, it will suggest that bears are selling at higher levels. The first support on the downside is $18.50 and if this level is violated, SOL price risks descending towar the next major support at $17.33.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Top Analyst Says ‘Sketchy’ Stock Market on Brink of Correction, Warns Equities Could Send Crypto Lower

September 6, 2023 The Daily Hodl

Price analysis 9/4: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON

September 4, 2023 Coin Telegraph

Binance Coin

Bitcoin price is range-bound but several major altcoins such as XRP are showing signs of a potential breakdown.

The United States' equities markets are on a recovery path. The S&P 500 Index (SPX) surged 2.50% last week to record its best week since June. Even though Bitcoin (BTC) also attempted a relief rally, the bulls could not sustain the higher levels. In the end, Bitcoin finished the week with a marginal loss of 0.5%.

One of the main reasons Bitcoin gave back its gains was because the Securities and Exchange Commission delayed its decision on all spot Bitcoin exchange-traded fund applications. However, this has not dented the expectations of analysts.

In a recent note, JPMorgan analysts said that the regulator will eventually approve several Bitcoin ETFs.

The short-term price action in Bitcoin remains in flu. But that has not deterred the long-term investors who have held onto their stockpile. Glassnode data shows that the currently mined supply dormant for three years or more has hit a new high of 40.538%.

Could Bitcoin break out of its range in the next few days? What are the important levels to watch out for? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index broke above the moving averages on Aug. 29, indicating that bulls have started a strong relief rally.

If buyers sustain the price above the moving averages, it will suggest that the sentiment remains positive and traders are buying on minor dips. That will enhance the prospects of a rally above the overhead resistance at 4,607. If this level is conquered, the index will try to rise to 4,650 and subsequently to 4,800.

Resuming the uptrend is likely to be a difficult task as the bears will try to yank the price below the moving averages. If they do that, the pair may slump to the strong support at 4,325. The bears will have to break this level to start a new downtrend.

U.S. dollar index price analysis

The U.S. dollar index (DXY) bounced off the downtrend line on Aug. 30 and 31, indicating that the bulls have flipped the level into support.

The bulls will next try to propel the price above 104.45 and start a rally to the overhead resistance at 106. This level is likely to witness aggressive selling by the bears because a break above it will indicate that the downtrend may be over. The index could then ri to 108.

The important support to watch for on the downside is the downtrend line. If this support crumbles, the index ma descend to the 50-day SMA (102.41) and eventually to the critical support at 100.82.

Bitcoin price analysis

Bitcoin is trading near the support of the large range between $24,800 and $31,000. When the price trades inside a range, bulls generally purchase the drop near the support and sell close to the resistance.

The $24,800 level will witness an intense battle between the bulls and the bears. If this level gives way, the selling is likely to accelerate and the BTC/USDT pair could nosedive to the crucial support at $20,000. There is a minor support at $24,000, but it may not hold for long.

Another possibility is that the price turns up from the current level. If bulls surmount the barrier at $26,833, the pair could accelerate to the 50-day SMA ($28,221). Such a move will suggest that the pair may extend its stay inside the $24,800 to $31,000 range for even longer.

Ether price analysis

Ether (ETH) dipped below the strong support at $1,626 on Sep. 1 but the long tail on the candlestick shows solid buying at lower levels.

The bulls are trying to salvage the situation but are struggling to start a rebound. This suggests a lack of demand at higher levels. Both moving averages are sloping down and the RSI is in the negative territory, indicating that the bears remain in command.

If sellers drag the price below $1,600, the ETH/USDT pair could dive to the Aug. 17 intraday low of $1,550. This is the pivot level in the near term because a fall below it may open the gates for a decline to $1,368.

The first sign of strength will be a break above the 20-day EMA ($1,684). The pair could then rise to the overhead resistance at $1,750.

BNB price analysis

BNB (BNB) has been trading below the breakdown level of $220 for the past few days but the bears have not been able to build upon their advantage.

The failure to sink the price below the psychological level of $200 could embolden the bulls who will try to start a recovery. The first hurdle on the upside is at $220 and then at the resistance line. Buyers will have to thrust the price above the resistance line to indicate that the downtrend may be ending.

Contrarily, if the price turns down and breaks below $200, it will suggest the start of the next leg of the downtrend. The BNB/USDT pair then risks sliding to the next major support at $183.

XRP price analysis

The bears yanked XRP (XRP) price below $0.50 on Sep. 1 but they could not sustain the lower levels as seen from the long tail on the day’s candlestick.

The bears kept up the pressure and have not allowed the bulls to start a strong rebound off the $0.50 level. This increases the possibility of a downside break. If that happens, the XRP/USDT pair is in danger of plunging to $0.41.

Contrary to this assumption, if the price turns up from the current level and breaks above the 20-day EMA ($0.53), it will signal that the bulls are attempting a comeback. The pair may then shoot up to $0.56. Buyers will have to overcome this barrier to indicate the start of a new up-move to $0.65.

Cardano price analysis

Cardano (ADA) has been consolidating between $0.24 and $0.28 for the past few days, indicating indecision between the bulls and the bears.

The downsloping 20-day EMA ($0.26) and the RSI below 38 suggest a slight advantage to the bears. If the price turns down from the 20-day EMA, the likelihood of a drop to $0.24 increases. A break below this level may start the next leg of the downtrend to $0.22 and subsequently to $0.20.

Contrarily, if bulls push the price above the 20-day EMA, the ADA/USDT pair could challenge the resistance at the 50-day SMA ($0.28). If this level is scaled, the pair is likely to rise to $0.32.

Dogecoin price analysis

Buyers tried to push Dogecoin (DOGE) above the 20-day EMA ($0.07) on Sep. 2 but the bears held their ground.

That keeps the DOGE/USDT pair stuck between the 20-day EMA and the important support at $0.06. The downsloping 20-day EMA and the RSI in the negative zone indicate advantage to sellers. If the price breaks below $0.06, the selling could intensify and the pair may plummet to the next support at $0.055.

If bulls want to prevent the decline, they will have to quickly drive the price above the 20-day EMA. If they succeed, the pair can jump to the 50-day SMA ($0.07) and later surge to $0.08.

Solana price analysis

Solana (SOL) is in a strong corrective phase. Buyers are trying to start a relief rally but it is likely to face selling at the downtrend line.

If the price turns down sharply from the current level or the downtrend line, it will suggest that the sentiment remains negative and traders are selling on rallies. That may pull the price to $18.32 and thereafter to $16.

This negative view could invalidate in the near term if bulls kick the price above the downtrend line. The SOL/USDT pair can then attempt a rally to $22.30 where the bears will likely mount a strong defense.

Toncoin price analysis

Toncoin’s (TON) rally has stalled near the overhead resistance at $2.07 but a minor positive is that the bulls have not ceded much ground to the bears. This suggests that the bulls are holding on to their positions.

The overbought levels on the RSI suggest a possible correction or consolidation in the near term. The important support to watch on the downside is the 20-day EMA ($1.61) because a break below it could drag the price to $1.53 and later to the 50-day SMA ($1.40).

On the upside, the bulls will have to clear the hurdle at $2.07. If they manage to do that, the TON/USDT pair could indicate the resumption of the uptrend. The pair may then attempt a rally to the $2.40-2.60 overhead zone.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Price analysis 8/28: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, DOT

August 28, 2023 Coin Telegraph

Binance Coin

The S&P 500 is attempting a recovery, but Bitcoin and select altcoins are struggling to break above their respective resistance levels.

Bitcoin (BTC) is down about 11% in August, just shy of the 13.88% fall seen in the corresponding month in 2022, according to CoinGlass data. The picture does not look very bright for September either. History shows that every year since 2017, Bitcoin has declined in September.

Bloomberg Intelligence senior macro strategist Mike McGlone is even more bearish on Bitcoin. While speaking to Kitco News, McGlone warned that in case of a “global economic reset,” Bitcoin could nosedive to as low as $10,000.

Although analysts have been giving both bullish and bearish targets, it is better to wait for the price to break out of the range before taking large bets. Typically, after a low volatile period, the volatility picks up but it is difficult to predict the direction of the breakout with certainty.

Do Bitcoin and the major altcoins show signs of a potential breakout? What are the important levels to watch out for? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index (SPX) turned down from the moving averages on Aug. 24 but the bears could not sustain the lower levels.

After the recovery on Aug. 25, the bulls maintained their buying pressure and pushed the index back to the moving averages. If buyers overcome this roadblock, the index could rally to the overhead resistance zone between 4,607 and 4,650. This zone is likely to witness a tough battle between the bulls and the bears.

If the price once again turns down from the moving averages, it will suggest that bears are fiercely defending the level. The pair may then slide to the pivotal support at 4,325. If this level breaks down, the index will complete a bearish head and shoulders pattern. That could start a correction toward the pattern target of 4,043.

U.S. dollar index price analysis

The bulls propelled the U.S. dollar index (DXY) above the downtrend line on Aug. 22, signaling that the correction may be over in the near term.

The bears tried to pull the price back below the level on Aug. 23 but the bulls held their ground. This suggests that the bulls successfully flipped the downtrend line into support.

The bulls will next attempt to push the price to 106. The rising 20-day exponential moving average (103) and the relative strength index (RSI) near the overbought territory indicate advantage to buyers.

If bears want to make a comeback, they will have to quickly pull the price back below the downtrend line. If they do that, the index may slide to the 50-day simple moving average (102).

Bitcoin price analysis

The bulls and the bears are not taking large bets as Bitcoin continues to trade inside the range between $24,800 and $26,833.

The downsloping moving averages and the RSI in the oversold zone indicate that bears are in command. However, sellers may find it difficult to resume the downward move because the bulls are likely to defend the $24,800 level with vigor.

If the price rebounds off the support, it will suggest that the BTC/USDT pair may continue its consolidation for some more time. On the upside, a rally above $26,833 will be the first sign of strength. That could push the price to the 50-day SMA ($28,806) and later to $30,000.

Contrarily, a break and close below the $24,800 support could start the next leg of the downtrend to $20,000.

Ether price analysis

Ether (ETH) has been trading near the crucial support at $1,626, indicating that the bears have kept up the selling pressure.

The failure of the bulls to start a strong rebound increases the risk of a break below $1,626. If that happens, the ETH/USDT pair could plummet to $1,550. This level may attract solid buying by the bulls.

If the price turns up from this level but turns down from $1,626, it will signal that bears have flipped the level into resistance. That may start a downtrend toward $1,368. The bulls will have to kick the price above the 20-day EMA ($1,716) to signal a comeback.

BNB price analysis

BNB’s (BNB) pullback is facing selling at the breakdown level of $220, indicating that the bears are trying to flip the level into resistance.

A minor positive in favor of the bulls is that they have not given up much ground from $220. This suggests that buyers are keeping up the pressure. The bulls will have to overcome the barrier at the 20-day EMA ($223) to start a relief rally to the resistance line. This level may again witness strong selling by the bears.

The first support on the downside is $213. If this level breaks down, the BNB/USDT pair could plunge to psychological support at $200. A break below this level may extend the decline to the next major support at $183.

XRP price analysis

The failure of the bulls to push XRP (XRP) to the overhead resistance at $0.56 suggests a lack of demand at higher levels.

The weak bounce off $0.50 may attract aggressive selling by the bears. If the $0.50 support gives way, the XRP/USDT pair could drop to the crucial support at $0.41. This level could witness strong buying by the bulls. If the price rebounds off this support, it will suggest that the pair may oscillate between $0.41 and $0.56 for a few more days.

Conversely, if the price turns up and breaks above $0.56, it will suggest the start of a sustained recovery. The pair may then climb to the 50-day SMA ($0.64).

Cardano price analysis

Cardano (ADA) has been swinging inside the narrow range between $0.24 and $0.28 for the past few days. This suggests that the bulls are buying near the support and bears are selling at the resistance level.

If buyers propel the price above the overhead resistance at $0.28, the ADA/USDT pair could start a rally to the 50-day SMA ($0.29). This level may act as an obstacle, but if overcome, the pair could shoot to $0.34.

The bears are likely to have other plans. They will try to defend the overhead resistance and tug the price to the support of the range at $0.24. If this level breaks down, the pair may slump to $0.22 and eventually to $0.20.

Dogecoin price analysis

Dogecoin (DOGE) has been trading between the strong support at $0.06 and the 20-day EMA ($0.07) for the past few days.

The 20-day EMA is sloping down and the RSI is in the negative territory, indicating that the bears have the edge. Sellers will try to sink the price below $0.06 and further strengthen their position.

Time is running out for the bulls. If they want to start a recovery, they will have to quickly drive the price above the 20-day EMA. If they do that, the DOGE/USDT pair could rally to the 50-day SMA ($0.07) and thereafter jump to $0.08.

Solana price analysis

Solana (SOL) has been gradually drifting lower, indicating that the bears are pouncing on every minor relief rally.

The SOL/USDT pair could drop to the Aug. 22 intraday low of $19.35. If this level caves in, the selling could intensify and the pair may dive to $18 and eventually to the next major support at $15.60.

Contrary to this assumption, if the price turns up and breaks above $22.30, it will indicate solid buying at lower levels. The pair may first rise to the 50-day SMA ($23.61) and thereafter to the strong resistance at $26.

Polkadot price analysis

The bulls are trying to shove Polkadot (DOT) above the overhead resistance at the 20-day EMA ($4.64) but they are likely to encounter stiff resistance from the bears.

*DOT/USDT daily chart. Source:* *TradingView*

If the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. That could increase the likelihood of a retest of the crucial support at $4.22. If this support crumbles, the DOT/USDT pair may collapse to $4 and later to $3.88.

On the other hand, if buyers kick the price above the 20-day EMA, it will suggest the start of a stronger relief rally to the breakdown level of $5. This level could attract selling by the bears.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

S&P 500

S&P 500 Index price analysis

U.S. dollar index price analysis

Bitcoin price analysis

Ether price analysis

BNB price analysis

XRP price analysis

Solana price analysis

Cardano price analysis

Dogecoin price analysis

Toncoin price analysis

S&P 500 Index price analysis

U.S. dollar index price analysis

Bitcoin price analysis

Ether price analysis

BNB price analysis

XRP price analysis

Cardano price analysis

Dogecoin price analysis

Toncoin price analysis

Solana price analysis

S&P 500 Index price analysis

U.S. dollar index price analysis

Bitcoin price analysis

Ether price analysis

BNB price analysis

XRP price analysis

Cardano price analysis

Dogecoin price analysis

Toncoin price analysis

Solana price analysis

S&P 500 Index price analysis

U.S. dollar index price analysis

Bitcoin price analysis

Ether price analysis

BNB price analysis

XRP price analysis

Cardano price analysis

Dogecoin price analysis

Solana price analysis

Toncoin price analysis

S&P 500 Index price analysis

U.S. dollar index price analysis

Bitcoin price analysis

Ether price analysis

BNB price analysis

XRP price analysis

Cardano price analysis

Dogecoin price analysis

Solana price analysis

Polkadot price analysis

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