Price analysis 6/5: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC

cointelegraph.com:

Bitcoin (BTC) and altcoins witnessed a sharp sell-off on the news that the United States Securities and Exchange Commission (SEC) had filed a suit against Binance in U.S. courts for unregistered securities operations.

This lawsuit could delay the recovery in Bitcoin and most major altcoins as traders could prefer to remain on the sidelines for a few days until some clarity emerges. Another upcoming event that could keep the investors at bay is the Federal Reserve’s meeting on June 14.

Although the short-term picture is uncertain, Glassnode data shows that the largest cohort of Bitcoin whales, owning at least 10,000 Bitcoin, has been on an accumulation spree for the past few days. On the other hand, all the other major cohorts have been in a distribution phase.

What are the important support levels that could start a recovery in Bitcoin and the major altcoins? Let’s study the charts to find out.

The S&P 500 Index (SPX) broke and closed above the overhead resistance of 4,200 on May 26, completing the bullish ascending triangle pattern.

The bears tried to trap the aggressive bulls on May 30 and May 31 but the bulls aggressively purchased the dip to the 20-day exponential moving average (4,183). The up-move resumed on June 1 and the bulls built upon it on June 2.

There is a minor resistance at 4,325 where the bears will try to stall the rally. On the way down, if bulls do not allow the price to slide below 4,200, it will enhance the prospects of an up-move to the 4,500 to 4,600 zone.

Contrary to this assumption, if the price turns down and breaks below the 50-day simple moving average (4,128) it will suggest that the recent breakout may have been a bull trap. The index may then dive to the uptrend line.

The U.S. dollar index (DXY)