Everyone is waiting for a price breakout, but indicators suggest that Bitcoin and several altcoins may continue to trade inside a tight range for a few more days.
Typically, periods of low volatility are followed by a range expansion. The longer the time spent inside a range, the stronger the eventual breakout from it. The only problem is that it is difficult to time the breakout with certainty. Therefore, traders should be watchful else they may miss out on the opportunity to ride the next trending move.One reason that could be weighing down on the risky assets is the strength in the U.S. dollar index , which has risen for four consecutive weeks.
In contrast, the United States equities markets entered a corrective phase in the past few days. The S&P 500 Index and the Nasdaq Composite have bothWhat are the important support and resistance levels to watch for in Bitcoin and altcoins? Let’s analyze the charts to find out.The S&P 500 Index dipped below the 20-day exponential moving average on Aug. 3 and since then, the bulls thwarted several attempts by the bulls to push the price back above this level.
If bears want to seize control, they will have to protect the 20-day EMA and tug the price below the 50-day SMA. That could start a deeper correction to 4,300 and later to 4,200.The U.S. dollar index took support at the 20-day EMA on Aug. 4 and again on Aug. 10, indicating a change in sentiment from selling on rallies to buying on dips.The index has reached the downtrend line which is likely to act as a formidable resistance.
This positive view will invalidate in the near term if the price tumbles below the 20-day EMA. There is a minor support at 101.74 but if this level gives way, the index could drop to 100.82.Bitcoin slipped below the 20-day EMA on Aug. 13 but the bears could not build upon this advantage and sink the price to the critical support at $28,585. This suggests a lack of aggressive selling at lower levels.
The next trending move is likely to begin after the price escapes this range. If the price turns down and plunges below the $28,585 support, it could start a descent to $26,000. Conversely, a rally above $30,350 could enhance the prospects of a rally to the overhead resistance zone between $31,500 and $32,400.
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