Price analysis 7/10: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC

cointelegraph.com:

Bitcoin has been struggling to rise and sustain above the $31,000 level for the past few days, but Standard Chartered has painted a bullish picture for this year and the next. In a report, the bank said that Bitcoin (BTC) could reach $50,000 this year and stretch the rally to $120,000 by the end of next year.

Large investors seem to be taking a bullish stance and are making the most of the stagnant Bitcoin prices. Behavioral analytics platform Santiment shows that sharks and whales, entities holding between 10 and 10,000 Bitcoin, have increased their hoarding by 71,000 Bitcoin since mid-June.

While the long term looks bullish, macroeconomic indicators hold the key in the short term. The United States equities market is likely to be influenced by second-quarter earnings and the inflation data due to be released on July 12. That is likely to set the stage for a risk-on or a risk-off sentiment.

Could the S&P 500 Index (SPX) resume its rally over the next few days? Will Bitcoin and altcoins follow the equities markets higher? Let’s analyze the charts to find out.

The bulls are trying to protect the 20-day exponential moving average (EMA) of 4,373, but the long wick on the July 7 candlestick shows that bears are active at higher levels.

The relative strength index (RSI) has started to form a negative divergence, indicating that the bullish momentum may be weakening. That could result in a minor correction or consolidation for a few days.

If the 20-day EMA crumbles, the index may decline to 4,325. This is an important level for the bulls to defend because a break below it may sink the index to the 50-day simple moving average (SMA) of 4,257.

This bearish view will be negated if the price turns up from the current level and soars