Price analysis 5/29: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC

cointelegraph.com:

Bitcoin and the S&P 500 Index (SPX) recovered from their respective intra-week lows to finish last week on a positive note. The recovery was largely driven by the expectations of a debt ceiling deal being reached between the White House and congressional Republicans. 

While the short-term picture looks promising, traders should not let their guard down. Many times, the price rises on rumors and falls on the news. It needs to be seen whether the bulls will build upon last week’s strength or give back some of the gains after the deal makes its way through Congress.

One positive in favor of the crypto bulls is that Bitcoin’s supply continues to diminish because long-term investors with conviction refuse to sell their holdings. Glassnode’s “Hodled and Lost Coins” metric has risen to its highest level since May 2018.

Going forward, what are the important resistance levels that need to be scaled for the up move to continue in Bitcoin (BTC) and altcoins? Let’s study the charts to find out.

The S&P 500 Index turned up sharply from the 50-day simple moving average (SMA) of 4,100 on May 24 and rose above the 20-day exponential moving average (EMA) of 4,145 on May 25.

The bulls are trying to overcome the obstacle at 4,200. If they succeed, the index could rise to 4,300. This level may again act as a strong resistance, but if bulls do not allow the price to drop back below 4,200, the likelihood of a break above 4,300 increases. The index could then start its northward journey to the 4,500 to 4,600 zone.

This positive view will be negated in the near term if the price turns down and collapses below 4,050. The index could then slump to the uptrend line and subsequently to 3,800.

When an asset is consolidating in a range with well-defined