Bitcoin and altcoins are moving, but the strong rally in the U.S. dollar index could put brakes on the rally.
The United States legislators in the House and Senate came to a temporary agreement on Sep. 30 and averted a government shutdown for 45 days. This news could have acted as a catalyst for Bitcoin’s hasby an average of 0.9% in October, between 1950 and 2021. However, it does not mean that the bulls can be carefree because the stock market weathered one of its worst declines in the Black Monday crash in October 1987.
Any recovery attempt is likely to face selling at 4,325 and then at the 20-day exponential moving average . A break above this resistance will be the first sign of strength. The index could then ascend to the downtrend line.The U.S. dollar index has witnessed a scintillating run in the past several days. The bulls propelled the price above the overhead resistance of 106 on Sep. 26, indicating the start of a new uptrend.Sellers tried to pull the price back below the breakout level of 106 on Sep.
Sellers will make every effort to halt the recovery at $1,746. They will have to drag the price back below the moving averages to weaken the positive momentum. The pair may then extend its stay inside the range for some more time.) turned down from the 50-day SMA on Sep. 29 and 30 but found support at the 20-day EMA . This suggests a positive sentiment where dips are being purchased.
The important support to watch on the downside is the 20-day EMA . Sellers will have to yank the SOL/USDT pair back below this level to weaken the bullish tempo.) soared above the downtrend line and the 50-day SMA on Oct. 1, invalidating the developing bearish descending triangle pattern.Generally, the failure of a bearish setup is a positive sign as bulls who have been waiting on the sidelines jump in to buy. However, before that, the price may turn down and retest the breakout level.
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