Price analysis 9/9: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA

The S&P 500 Index (SPX) has recovered around 1% on Sept. 9 after falling roughly 4.5% last week. Similarly, Bitcoin (BTC) is also finding buyers and has risen to about  $56,500, after slipping near $52,500 last week.

After the initial rise, the onus is on the bulls to maintain the recovery because the weakness in the past few days has resulted in a sharp outflow from the United States-based spot Bitcoin exchange-traded funds (ETFs). Bloomberg data showed $1.2 billion in outflows from the ETFs in eight days.

Global Macro Investor head of macro research Julien Bittel believes that Bitcoin’s current price action is similar to that of 2019. If history repeats itself, Bittel anticipates that Bitcoin could be nearing an inflection point, where big price moves may begin.

Could Bitcoin rise and maintain above $55,724, signaling that the breakdown was a bear trap? Will that attract buying in altcoins? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index is threatening to form a double-top pattern, which will complete on a break and close below 5,119.

The bears pulled the price below the moving averages on Sept. 6, indicating that the bullish momentum has weakened. Sellers will try to sink the price to 5,265. Buyers are expected to fiercely defend the 5,265 to 5,119 zone. If the price rebounds off this zone, the index may swing inside a large range between 5,119 and 5,670 for a few days.

If buyers want to regain control, they will have to swiftly push the price above the moving averages. The index may then retest the 5,670 resistance. A break above this level will signal the resumption of the uptrend.

US Dollar Index price analysis

The US Dollar Index (DXY) rebounded sharply off the 100.50 level on Sept. 6, indicating that the bulls are aggressively buying the dips.

The recovery will strengthen if buyers kick the price above the 20-day exponential moving average (101.73). The index could then climb to the 50-day simple moving average (103.14). Such a move will suggest that the index may remain range-bound between 99.57 and 108 for some more time.

On the contrary, if the price turns down sharply from the 20-day EMA, the bears will make one more attempt to sink the index below 100.50. If they succeed, the next stop is likely to be the pivotal support at 99.57.

Bitcoin price analysis

Bitcoin closed below the crucial $55,724 support on Sept. 6, but the bears could not sustain the breakdown, indicating a lack of selling at lower levels.

The price has recovered to the breakdown level of $55,724, which is likely to witness a tough battle between the bulls and the bears. If buyers drive the price above $55,724 and the 20-day EMA ($57,821), it will suggest that the markets have rejected the breakdown. The BTC/USDT pair may climb to the 50-day SMA ($60,608).

Contrary to this assumption, if the price turns down from $55,724 or the 20-day EMA and breaks below $52,550, it will signal the start of a new downtrend. The pair may then collapse to $49,000.

Ether price analysis

Ether’s (ETH) relief rally is likely to face selling at $2,300, indicating that the bears are trying to flip the level into resistance.

If the price turns down sharply from $2,300, the possibility of a break below $2,111 increases. If that happens, the ETH/USDT pair could tumble to the psychological level of $2,000.

Buyers will have to drive and maintain the price above the 20-day EMA ($2,465) to signal a comeback. The pair could then attempt a rally to the breakdown level of $2,850. A break above this resistance will suggest that the downtrend may be over.

BNB price analysis

BNB’s (BNB) bounce off $471 suggests that the bulls are aggressively defending the $495 to $460 zone.

The relief rally is expected to face selling at the moving averages. If the price turns down from the moving averages, the bears will make another attempt to sink the BNB/USDT pair below $460.

Alternatively, if the bulls shove the price above the moving averages, it will suggest that the pair may swing between $460 and $635 for a while longer. The next trending move is likely to begin above $635 or below $460.

Solana price analysis

Solana (SOL) is trying to find support near $116 but the bears continue to sell on relief rallies. That suggests a negative sentiment in the near term.

The bears will try to sink the price below the $116 support but may run into significant resistance from the buyers. If the price turns up from the current level or $116 and rises above the 20-day EMA ($136), it will suggest that the bulls are buying on dips. The pair could rally toward $160.

This positive view will be invalidated in the near term if the price continues lower and breaks below $116. The pair may then slump to $100.

XRP price analysis

XRP (XRP) fell below the $0.54 support on Sept. 6, indicating that the bullish momentum has weakened.

The downsloping 20-day EMA ($0.55) and the relative strength index (RSI) in the negative territory suggest a likely drop to $0.46. Buyers are expected to fiercely defend the $0.46 to $0.41 zone. That could keep the XRP/USDT pair range-bound between $0.41 and $0.64 for a few more days.

The bulls will have to push and maintain the price above the 50-day SMA to signal a comeback. The pair may then climb to $0.64. If this resistance is taken out, the pair may ascend to $0.74.

Related: Why is Cardano (ADA) price up this week?

Dogecoin price analysis

Dogecoin (DOGE) remains in a downtrend, but the bulls are trying to form a higher low at $0.09.

If buyers propel the price above the 20-day EMA ($0.10), the DOGE/USDT pair could rally to the downtrend line. This is a formidable hurdle for the bulls to cross, but if they prevail, the pair may start a move to $0.14.

Instead, if the price turns down sharply from the 20-day EMA and breaks below $0.09, it will suggest that the bears remain in charge. The pair may then plummet to $0.08 and later to the support line of the falling wedge pattern.

Toncoin price analysis

Toncoin (TON) has risen back above the breakdown level of $4.72, signaling solid buying at lower levels.

The TON/USDT pair is likely to rise to the 20-day EMA ($5.31), an important resistance to watch out for. If the price turns down sharply from the 20-day EMA, it will indicate that the sentiment remains negative. A break below $4.44 could start a downtrend toward $3.50.

Contrarily, if the price rises above the 20-day EMA, it will suggest that the selling pressure is reducing. The pair could rally to the overhead resistance of the 50-day SMA ($6.03). A break above the 50-day SMA will bring the range-bound action into play.

Cardano price analysis

Cardano (ADA) turned up from the $0.31 support on Sept. 7, indicating that the bulls are trying to form a double bottom pattern, which will complete on a break and close above $0.40.

The flattening 20-day EMA ($0.34) and the RSI just below the midpoint suggest that the bears are losing their grip. If buyers drive the price above the 50-day SMA ($0.35), the ADA/USDT pair could rally to the downtrend line. A break and close above the downtrend line will suggest the start of a new up move.

The critical support to watch on the downside is $0.31. If this support cracks, the pair may plunge to $0.27 and subsequently to $0.24.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.