S&P 500, DXY, BTC; Important Indices and BTC Correlation, Buoyancy Sharing🔥🔥🔥

S&P 500 Index Price Analysis

The S&P 500 Index (SPX) broke through a new all-time high on May 15, indicating that bulls are firmly in control.

However, bears are unlikely to give up easily. They will try to pull the price back below the breakout level of 5,265. If they succeed in doing so, it will indicate that the bullish momentum has weakened. The index may fall to the 20-day exponential moving average (5,202).

If the price rebounds strongly from the moving average, it will indicate that the trend remains bullish. The index will then try again to move towards 5,500 points. On the contrary, if the price falls below the moving average, the short-term advantage will tilt in favor of bears. The index may then plummet to 5,000 points.

Dollar Index Price Analysis

The US Dollar Index (DXY) rebounded from the support line of the ascending channel pattern on May 16 but the rally retreated from the 50-day simple moving average (105).

The downsloping 20-day EMA (105) and the RSI in the negative territory suggest that bears have the upper hand. Sellers will try to pull the price below the support line of the channel. If they do, the index could drop to 103.17 and then to 102.35.

Alternatively, if the price rebounds from the support line, it would suggest that bulls are fiercely defending the level. Buyers would have to push the price above the moving averages to suggest that the index might stay inside the channel for a while.

Bitcoin Price Analysis

Bitcoin has been trading in a tight range around $68,000 for the past three days. Tight ranges near overhead resistance levels usually interpret to the upside.

The rising 20-day EMA ($64,371) and the RSI in the positive territory suggest that the path of least resistance is to the upside. If the $68,000 level is breached, the Bitcoin USDT pair might start an uptrend to $73,777. This level is likely to witness strong selling by the bears.

The moving average is a key support to watch on the downside. A breakout and close below the moving average suggests that the bulls have given up. The pair might drop to $59,600 and subsequently to $56,552.

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