Bitcoin could be getting ready for a bearish price move, but this week's CPI report could be the trend change that traders are waiting for.
Could Bitcoin extend its decline in the near term or will it turn up? Will the altcoins outperform Bitcoin over the next few days? Let’s analyze the charts to find out.The S&P 500 Index is witnessing a tough battle between the bulls and the bears near the 20-day exponential moving average . Sellers pulled the price below the 20-day EMA on Aug. 2, indicating that the bullish momentum is weakening.The bulls pushed the price back above the 20-day EMA on Aug.
The 20-day EMA is flattening out and the relative strength index is near the midpoint, indicating a balance between supply and demand. If the price rebounds off the 50-day SMA, it will suggest that lower levels continue to attract buyers. The index may then swing between the 50-day SMA and 4,650 for some time.Buyers pushed the U.S. dollar index above the 50-day SMA on Aug. 2 but they could not build upon this strength.The bears pulled the price back below the 50-day SMA on Aug. 4.
If bears want to gain the upper hand, they will have to sink and sustain the price below the 20-day EMA. The index could then slide to the strong support at 100.82.Bitcoin’s price is getting squeezed between the 20-day EMA and the horizontal support at $28,861. This low volatile period is likely to be followed by an expansion in volatility.If the price plunges and sustains below $28,861, it will suggest that the uncertainty has resolved in favor of the bears.
Contrarily, if the price turns up and breaks above the 50-day SMA , it will suggest that the bulls have overpowered the bears. That could start a rally to the overhead resistance zone between $31,500 and $32,400.
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