Price analysis 6/19: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC

cointelegraph.com:

The S&P 500 Index (SPX) has gained for five consecutive weeks, the first such instance since November 2021. In comparison, Bitcoin (BTC) is trading well below its local high of $31,000, made on April 14. This shows a clear divergence between the performance of the two asset classes.

Some analysts expect Bitcoin’s range-bound action to continue for some more time. Cryptocurrency traders will be looking for some positive triggers that could push the price above the range. One such rumor floating in the markets is that after BlackRock filed for a Bitcoin spot exchange-traded fund, Fidelity Investments may also follow suit. If that happens, it will be a positive sign for the markets.

Another positive for the cryptocurrency markets has been that the U.S. Dollar Index (DXY) softened in the past week. Historically, the dollar and Bitcoin have an inverse correlation, which may help limit the downside in Bitcoin and launch a relief rally.

Let’s look at the important resistance levels that need to be crossed to start a sustained recovery in Bitcoin and the major altcoins.

The S&P 500 Index is in a short-term uptrend. The rally of the past few days pushed the relative strength index (RSI) into the overbought territory, indicating that a minor correction or consolidation is possible.

The index could turn down and retest the breakout level of 4,325. If the price rebounds off this level, it will suggest that buyers have flipped 4,325 into support. That will enhance the prospects of a rally to 4,500 and thereafter to 4,650.

Contrary to this assumption, if the price turns down and breaks below the 20-day exponential moving average (EMA) of 4,283, it will suggest that the bullish momentum is weakening. That could pull the index to the 50-day