Bitcoin and altcoins are losing their current bullish momentum, but a renewed push from the equities market could kickstart a fresh rally in cryptocurrencies.
Could the S&P 500 index witness profit booking in the near term? Is the U.S. dollar index ripe for a recovery? What is the effect of these two asset classes on cryptocurrencies? Let’s study the charts to find out.The S&P 500 index rebounded off the 20-day exponential moving average on Nov. 30, indicating that bulls continue to view the dips as a buying opportunity.The price reached the downtrend line on Dec. 1 but the bulls failed to pierce this resistance.
If the price closes above the downtrend line, the bullish momentum could pick up further and the index may rally to 4,300.
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