- S&P 500 Index Price Analysis
- US Dollar Index Price Analysis
- Bitcoin and Other Cryptocurrencies Price Analysis
The past week saw a marginal rise in the S&P 500 Index by 0.24%, while Bitcoin fell nearly 11% under selling pressure. Let’s examine the main trends and support levels for key indices and cryptocurrencies.
S&P 500 Index Price Analysis
The S&P 500 Index has been consolidating in a tight range just below the all-time high of 5,670, indicating that the bulls are in no hurry to book profits. The upsloping 20-day EMA (5,544) and the positive RSI suggest the possibility of an upside breakout. If that occurs, the index may start the next leg of the uptrend toward 6,000. Bears will have to drag the price below the moving averages to prevent this. If successful, the selling may pick up, and the index could decline to 5,265, keeping it range-bound between 5,119 and 5,670 for a few days.
US Dollar Index Price Analysis
The US Dollar Index (DXY) rebounded sharply from 100.50, indicating solid demand from bulls at lower levels. The relief rally is expected to face stiff resistance at the 20-day EMA (102). If the price turns down from this level, bears will again attempt to sink the index below 100.50. If successful, the next stop may be 99.57. Contrarily, if buyers drive the price above the 20-day EMA, it will suggest that the selling pressure is reducing. The index may then attempt a rally to the 50-day SMA (103).
Bitcoin and Other Cryptocurrencies Price Analysis
Bitcoin closed below the immediate support of $58,000 on Sept. 1, but bears failed to drag the price to the pivotal level of $55,724, indicating demand at lower levels. Bulls will try to push the price above the moving averages. If successful, the BTC/USDT pair may rally to $65,000, a formidable hurdle in the near term, keeping the pair inside the range between $55,724 and $73,777. Conversely, if the price turns down from the 20-day EMA ($60,007), bears will attempt to yank the price below $55,724, potentially plunging it to the Aug. 5 intraday low of $49,000.
Current data shows a mixed picture for stock indices and cryptocurrencies. Investors should closely monitor key support and resistance levels to determine possible direction in the near future.
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