Price analysis 11/6: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON

cointelegraph.com:

Bitcoin’s (BTC) marginal rise of about 1.5% last week suggests that traders are cautious at higher levels but they are not rushing to the exit. The bears have been in hibernation for the past few days but if the rally fails to resume, sellers may try to make a comeback.

However, in an uptrend, dips are usually viewed as an opportunity for long-term investors to accumulate. The positive sentiment among traders can be gauged by the increase in Bitcoin withdrawals from exchanges which reached 61,000 Bitcoin, a strong improvement over the year-to-date low of nearly 43,000 Bitcoin, according to CryptoSlate analyst Van Straten.

A large part of the accumulation is taking place in Bitcoin in the hopes that the United States Securities and Exchange Commission will eventually approve a spot Bitcoin exchange-traded fund. The enthusiasm of the traders increased further on the news that the Hong Kong government may consider proposals for a spot Bitcoin ETF. BitMEX co-founder Arthur Hayes said on X (formerly Twitter) that the competition between the United States and China is good for Bitcoin.

Are Bitcoin and altcoins ready to extend their up-move or is it time for a short-term correction? Let’s analyze the charts to find out.

The S&P 500 Index (SPX) has been on a tear for the past few days. The bulls pushed the price above the 20-day exponential moving average (4,275) on Nov. 2 and followed it up a break above the 50-day simple moving average (4,346) on Nov. 3.

The relative strength index (RSI) has risen into the positive territory and the 20-day EMA has started to turn up. This indicates that the downtrend may be over but it does not guarantee the start of a new uptrend. The bears are expected to fiercely defend the downtrend line.

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