Bitcoin has been stuck in a tight range in August. Glassnode's lead on-chain analyst Checkmate highlighted that the spread between Bitcoin's upper and lower Bollinger bands has dropped to 2.9%, a third lowest ever.
Typically, periods of low volatility are followed by range expansion. The longer the time spent in a range, the stronger the likelihood of an eventual breakout out of that range. The only problem is that it is difficult to determine the moment of a breakthrough with certainty. Therefore, traders should be cautious. Otherwise, they may miss the opportunity to make the next trending move.
One possible reason for risk assets falling is the strength of the US Dollar Index (DXY), which has risen for four straight weeks.
In contrast, the US stock market has entered a correction phase over the past few days. The S&P 500 (SPX) and Nasdaq Composite are both down over the past two weeks, indicating profit-taking by short-term traders.
What are the important support and resistance levels to watch in Bitcoin (BTC) and altcoins? Let's analyze the charts to find out.
SPX technical analysis
The S&P 500 index fell below its 20-day exponential moving average (EMA) at $4,497 on August 3, and since then, bears have stymied multiple attempts by bulls to push prices back above this level. .
The price bounced off the 50-day simple moving average (SMA) at 4,443 on August 14, showing that bulls are strongly defending this level. The buyers will try to maintain the bullish momentum and push the price back above the 20-day EMA. If they succeed, the index could begin its journey to 4,607 and then 4,650.
If the bears want to gain control, they will have to defend the 20-day EMA and drag the price below the 50-day SMA. That could start a deeper correction down to 4,300 and then 4,200.
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