Price analysis 8/28: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, DOT
Bitcoin (BTC) is down about 11% in August, just shy of the 13.88% fall seen in the corresponding month in 2022, according to CoinGlass data. The picture does not look very bright for September either. History shows that every year since 2017, Bitcoin has declined in September.
Bloomberg Intelligence senior macro strategist Mike McGlone is even more bearish on Bitcoin. While speaking to Kitco News, McGlone warned that in case of a “global economic reset,” Bitcoin could nosedive to as low as $10,000.
Although analysts have been giving both bullish and bearish targets, it is better to wait for the price to break out of the range before taking large bets. Typically, after a low volatile period, the volatility picks up but it is difficult to predict the direction of the breakout with certainty.
Do Bitcoin and the major altcoins show signs of a potential breakout? What are the important levels to watch out for? Let’s analyze the charts to find out.
The S&P 500 Index (SPX) turned down from the moving averages on Aug. 24 but the bears could not sustain the lower levels.
After the recovery on Aug. 25, the bulls maintained their buying pressure and pushed the index back to the moving averages. If buyers overcome this roadblock, the index could rally to the overhead resistance zone between 4,607 and 4,650. This zone is likely to witness a tough battle between the bulls and the bears.
If the price once again turns down from the moving averages, it will suggest that bears are fiercely defending the level. The pair may then slide to the pivotal support at 4,325. If this level breaks down, the index will complete a bearish head and shoulders pattern. That could start a correction toward the pattern target of 4,043.
The bulls propelled the
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