Price analysis 4/10: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL
Bitcoin’s (BTC) tight consolidation near its local top suggests that traders are waiting for a catalyst to start the next trending move. The consumer price data on April 12 and the producer price index data on April 13 could give insight into the Federal Reserve’s future rate hikes and shake the traders out of their slumber.
The dull price action in Bitcoin has not reduced the interest in it. According to Ahrefs search volume data, Bitcoin remains the most Googled term in the United States followed by the keywords Donald Trump and Breaking news.
Another point worth noting is that Bitcoin’s circulating supply continues to dwindle. Citing Glassnode data, investor Anthony Pompliano pointed out that 53% of Bitcoin’s circulating supply has not moved in the past two years.
If demand increases, there could be a shortage of supply, which could boost prices higher. What are the critical resistance levels to watch for in Bitcoin and altcoins in the near term?
Let’s study the charts to find out.
The S&P 500 index (SPX) turned up after a two-day correction on April 6, indicating that the sentiment remains positive and traders are buying on minor dips.
The upsloping 20-day exponential moving average (4,035) and the relative strength index (RSI) in the positive territory increase the likelihood of a rally to 4,200. Although this level has behaved as a formidable barrier in the past, it is likely to be scaled during the third attempt. If that happens, the index may challenge the 4,300 resistance. This level may witness aggressive selling by the bears.
The first important support to watch on the downside is the 20-day EMA. If this support cracks, the index could retest the vital support at the 200-day simple moving average ($3,944).
The U.S.
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