Price analysis 4/24: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL
Bitcoin (BTC) managed to stay above $27,000 for the past three days but its 9% loss last week spooked some newbie traders. Glassnode data shows that short-term holders, who acquired Bitcoin less than 155 days ago, have been moving coins to the exchanges at a loss since April 16.
While short-term traders are panicking and focusing on the $25,000 level on the downside, some analysts are turning bullish for the next year. Bloomberg Intelligence analyst Jamie Douglas Coutts expects Bitcoin to reach $50,000 by April 2024.
Another bullish voice was that of Standard Chartered analyst Geoff Kendrick who said that the “crypto winter” may be over. He projected that Bitcoin could skyrocket to $100,000 by end-2024.
What are the important support levels where the latest leg of the correction may attract buyers? Let’s study the charts of Bitcoin and altcoins to find out.
The S&P 500 index (SPX) has pulled back to the 20-day exponential moving average (4,098), indicating that the bears are selling the rallies near 4,200.
A minor positive in favor of the bulls is that they have not allowed the price to slip below the 20-day EMA. That improves the prospects of a break above 4,200. If that happens, the index may rally to 4,300. This level may witness aggressive selling by the bears.
The first level of support on the downside is the 20-day EMA. If it cracks, the index may slip to the 50-day simple moving average (4,034) and thereafter to the uptrend line of the ascending triangle pattern.
The failure of the bulls to push the U.S. dollar index (DXY) above the 20-day EMA (102) in the past few days seems to have emboldened the bears who are trying to gain control.
The index could retest 100.82 which is an important level to keep an eye on. If this
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