Price analysis 6/26: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC
The S&P 500 Index (SPX) snapped a five-week winning streak last week but it is still on track to close the first half of the year with stellar gains of nearly 13%. The tech-heavy Nasdaq Composite has done much better as it is up about 29%. Both these indices have been overtaken by Bitcoin (BTC) which has risen nearly 83% year-to-date.
Bitcoin’s bullish price action and the recent rush by several firms to apply for a Bitcoin spot exchange-traded fund seem to have attracted institutional investors’ attention. Bloomberg senior ETF analyst Eric Balchunas highlighted on June 26 that the ProShares Bitcoin Strategy ETF (BITO) — a Bitcoin futures fund — witnessed its largest weekly inflow in a year.
Another bullish view was that of LookIntoBitcoin founder Philip Swift who said in his latest research that Bitcoin’s RHODL ratio metric is showing that Bitcoin’s supply has started to move from long-term holders to speculative investors, indicating increasing mainstream trading interest.
Could the entry of speculators boost prices further or is it a sign that the markets are overheated in the near term and may correct? Let’s analyze the charts to find out the next possible move.
The S&P 500 Index turned down from 4,448 on June 16, indicating that the short-term bulls are booking profits. That has pulled the price to the breakout level near 4,325. The 20-day exponential moving average (4,314) is placed just below this level, hence the bulls are likely to defend it aggressively.
If the price rebounds off the 20-day EMA, it will suggest that the sentiment remains positive and traders are viewing the dips as a buying opportunity. The bulls will then try to propel the price above 4,448 and resume the uptrend. If they succeed, the index could
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