Nobody can guess the future, but the wise study the past. Don't miss our latest top-10 crypto charts!
Let’s study the charts of the S&P 500 index, the U.S. dollar index and the major cryptocurrencies to find out.The S&P 500 index gapped down on Oct. 13 and dropped to $3,491 but lower levels attracted huge buying by the bulls. That may have caught several aggressive bears on the wrong paw and they might have scrambled to cover their short positions. That propelled the index back above the breakdown level of $3,636.Buyers tried to extend the recovery on Oct.
Alternatively, if the index rebounds off the support zone between $3,636 and $3,491, it will suggest that bulls may be accumulating on dips. Buyers will then attempt to overcome the barrier at the 20-day EMA and challenge the downtrend line. If this resistance collapses, it will signal that the corrective phase may be over.The U.S. dollar index turned down from $113.92 on Oct. 13 but the bulls arrested the decline at the 20-day EMA .
The index could then decline to the 50-day simple moving average . A trend change will be signaled if bears sink the price below the uptrend line.Bitcoin sliced through the support at $18,843 on Oct. 13 and dipped close to $18,125. This level attracted buying, which started a sharp recovery as seen from the long tail on the day’s candlestick.Buyers pushed the price above the moving averages on Oct. 14 but the up-move is facing stiff resistance at the downtrend line.
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