Price analysis 9/16: SPX, DXY, BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT

cointelegraph.com:

The World Bank has warned of a possible global recession in 2023. In a press release on Sept. 15, the bank said that the current pace of rate hikes and policy decisions is unlikely to be enough to bring inflation down to pre-pandemic levels.

Ray Dalio, the billionaire founder of Bridgewater Associates said in a blog post on Sept. 13 that if rates were to rise to about 4.5% in the United States, it would “produce about a 20 percent negative impact on equity prices.”

The negative outlook for the equity markets does not bode well for the cryptocurrency markets as both have been closely correlated in 2022.

The macroeconomic developments seem to be worrying cryptocurrency investors who sent 236,000 Bitcoin (BTC) to major cryptocurrency exchanges on Sept. 14, according to Glassnode data. The inflow was the highest since March 2020.

Let’s study the charts of the S&P 500 index, the U.S. dollar index (DXY) and the major cryptocurrencies to determine the key levels that could signal the start of a trending move.

The S&P 500 index (SPX) attempted a rebound off the uptrend line on Sept. 14 but the weak rebound showed a lack of urgency to defend the level. Sellers took advantage of this situation and pulled the price below the uptrend line on Sept. 15.

The level of 3,886 from where the index had bounced on Sept. 6 also failed to provide any support, indicating that traders are in a hurry to sell their positions. Usually, the breakdown from a level tends to retest it.

In this case, the price could rise to the uptrend line. If the price turns down from this level, it will suggest that bears have flipped the uptrend line into resistance. That could increase the possibility of a drop to 3,700.

The downsloping 20-day exponential moving average