Bitcoin and select altcoins have started a strong recovery, boosted by the weakness in DXY and the strength in the SPX
Investors across asset classes have been keeping a close watch on the United States Federal Reserve’s monetary policy because that sets the stage for a risk-on or a risk-off environment.
The strong rally in the U.S. stock markets on Jan. 6 and in cryptocurrencies over the weekend suggests that market observers anticipate the Fed to slow down its frantic pace of rate hikes. The optimism was fuelled by the greater-than-expected slowdown in wage gains in the December jobs report and the first contraction in U.S. services industry activity since May 2020. The next trigger that may influence the markets could be the Consumer Price Index data due on Jan. 12.
Could the strength in the S&P 500 and the weakness in the U.S. dollar index boost crypto prices higher? Let’s study the charts to find out.After consolidating in a range for several days, the S&P 500 index broke above the 20-day exponential moving average on Jan. 6. This suggests that the uncertainty has resolved in favor of the buyers.The bulls will try to strengthen their position by pushing the price to the downtrend line.
Contrary to this assumption, if the index turns down from the current level or the overhead resistance, it will suggest that bears continue to sell on relief rallies. The bears will be back in the game if the price dips below the 20-day EMA.The bulls pushed the price above the important resistance of 105 on Jan. 5 but they could not sustain the recovery on Jan. 6. This suggests that the bears continue to sell on rallies. The price turned down sharply and dipped back below the 20-day EMA .
Alternatively, if the price turns up sharply and rises above 103.39, it will suggest demand at lower levels. Buyers will then try to push the pair toward 105.82. A break and close above this resistance could tilt the short-term advantage in favor of the bulls.
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