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Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) fell below the psychological level of $50,000 on Aug. 5 as panic gripped traders following the crash in the Japanese stock market. Coinglass data shows <a href="https://cointelegraph.com/news/crypto-market-crash-1b-liquidations-2024" rel="noopener noreferrer nofollow">$1.08 billion in liquidations in leveraged positions</a> or collateral trades.
Will the correction deepen, or is it time for a relief rally to begin? That is a big question for traders. Popular analyst Rekt Capital said in a post on X that Bitcoin’s “downside deviation” could <a href="https://cointelegraph.com/news/bitcoin-price-downside-last-2-months" rel="noopener noreferrer nofollow">last for about two months</a>.
Some analysts believe the correction could deepen further. FXPro senior market analyst Alex Kuptsikevich told Cointelegraph that <a href="https://cointelegraph.com/news/analysts-warn-bitcoin-downside-btc-revisit-42k" rel="noopener noreferrer nofollow">Bitcoin’s selling could sink it to $42,000</a>.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/353b9d04-abf2-4e64-b957-ac38ee0f91df.png" alt="Price analysis 8/5: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA">
 <figcaption style="text-align: center;">Daily cryptocurrency market performance. Source: <a href="https://coin360.com/" target="_blank" rel="noopener noreferrer nofollow">Coin360</a>
 </figcaption>
</figure>
Bitcoin has broken down from its large range, but several times, the first break tends to be a fake move. Markets quickly reverse direction and catch the traders off guard. If that happens, Bitcoin may witness a short squeeze within the next few days.
What important resistance levels the bulls need to conquer to trap the aggressive bears? Let’s analyze the charts to find out.
<h2 id="sp-500-index-price-analysis">S&amp;P 500 Index price analysis</h2>
The S&amp;P 500 Index fell and closed below the 50-day simple moving average (5,448) on Aug. 2, indicating a short-term trend change.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/0a2238fb-cdd2-4059-8b5b-617aca3ccbc9.png" alt="Price analysis 8/5: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA">
 <figcaption style="text-align: center;">SPX daily chart. Source: TradingView
 </figcaption>
</figure>
The index gapped down sharply on Aug. 5, but a positive sign is that the lower levels are attracting buyers. If the price rises and maintains above 5,265, the index could rally to the moving averages, which is a crucial resistance to watch out for on the upside.
If the price turns down from the moving averages, it will signal that the sentiment has turned bearish and the rallies are being sold into. The bears will then try to tug the price to the psychological level of 5,000.
<h2 id="us-dollar-index-price-analysis">US Dollar Index price analysis</h2>
The US Dollar Index (DXY) turned down from the 20-day exponential moving average (104.22) on Aug. 2 and fell below the channel’s support line.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/2d6948f2-b3d5-4679-b425-39a23eeafc45.png" alt="Price analysis 8/5: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA">
 <figcaption style="text-align: center;">DXY daily chart. Source: TradingView
 </figcaption>
</figure>
The index is trying to find support at 102.35. Buyers will try to push the price to the channel’s breakdown level. If the price turns down from the breakdown level, it will signal that the bears have flipped the level into resistance. That will increase the likelihood of a drop to 102 and then to 101.
If buyers want to prevent the downside, they will have to push and sustain the price above the 20-day EMA.
<h2 id="bitcoin-price-analysis">Bitcoin price analysis</h2>
Bitcoin’s sideways price action resolved to the downside with a drop below the solid support of $55,724, signaling that the traders are rushing to the exit.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/12643989-fc38-40e0-bab1-c3bf72f9286a.png" alt="Price analysis 8/5: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA">
 <figcaption style="text-align: center;">BTC/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
However, the long tail on the candlestick shows that the bears are struggling to sustain the lower levels. This suggests that selling dries up at lower levels. The bulls will try to make a comeback by pushing the price back above $55,724.
If they manage to do that, it will signal that the markets have rejected the breakdown. That may result in a short squeeze, pushing the BTC/USDT pair to the moving averages.
If bears want to maintain control, they will have to fiercely guard the $55,724 level. If they do that, the pair may again slide toward the vital support at $49,000 and eventually to $42,000.
<h2 id="ether-price-analysis">Ether price analysis</h2>
Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) nosedived below the $2,850 support on Aug. 4, completing a descending triangle pattern.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/e432f57c-913b-4473-8141-4e15d7cf8384.png" alt="Price analysis 8/5: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA">
 <figcaption style="text-align: center;">ETH/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
The selling picked up on Aug. 5, pulling the price toward the psychological support at $2,000. A minor positive is that the bulls bought the dip, as seen from the long tail on the candlestick.
The oversold levels on the RSI also suggest that a relief rally is likely in the near term. The ETH/USDT pair could reach the breakdown level of $2,850.
Contrary to this assumption, if the price fails to reach $2,850, it will signal a lack of aggressive buying by the bulls. That may increase the possibility of a break below $2,000.
<h2 id="bnb-price-analysis">BNB price analysis</h2>
BNB’s (<a href="https://cointelegraph.com/binance-coin-price-index" rel="noopener noreferrer nofollow">BNB</a>) range-bound action between $495 and $635 resolved to the downside on Aug. 5, indicating that bears are trying to seize control.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/0bbe3772-336c-45f6-8880-ee24033507ce.png" alt="Price analysis 8/5: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA">
 <figcaption style="text-align: center;">BNB/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
However, the long tail on the candlestick shows aggressive buying near $400. The oversold level on the RSI also suggests that the selling may have been overdone in the short term, and a relief rally could be around the corner.
The BNB/USDT pair will attempt to rise back above the breakdown level of $495. If that happens, it will signal that the markets have rejected the breakdown.
This positive view will be invalidated if the price turns down sharply from $460. Such a move would suggest that the bears have flipped the level into resistance. The pair may then sink to $400 and subsequently to $350.
<h2 id="solana-price-analysis">Solana price analysis</h2>
Solana (<a href="https://cointelegraph.com/solana-price-index" rel="noopener noreferrer nofollow">SOL</a>) has been oscillating between $116 and $210 for several months, indicating buying on dips and selling on rallies.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/518986ea-f7ab-47b8-b8cb-0b8a17a5f81f.png" alt="Price analysis 8/5: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA">
 <figcaption style="text-align: center;">SOL/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
The price rebounded off the solid support at $116, signaling that the bulls are active at lower levels. The SOL/USDT pair could reach the moving averages, which are the key resistance level to keep an eye on.
If the price turns down from the moving averages, the bears will try to sink the pair below $116. If they succeed, the fall could reach $100 and then $80.
On the upside, a close above the moving averages will suggest that the selling pressure is reducing. The pair may extend its stay inside the large range for a few more days.
<h2 id="xrp-price-analysis">XRP price analysis</h2>
XRP’s (<a href="https://cointelegraph.com/xrp-price-index" rel="noopener noreferrer nofollow">XRP</a>) fall below the 50-day SMA ($0.52) on Aug. 5 indicates that the price may remain stuck inside the large range between $0.41 and $0.64 for some time.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/99f405c7-bea2-48c6-8a5b-941db651dbc4.png" alt="Price analysis 8/5: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA">
 <figcaption style="text-align: center;">XRP/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
In a large range, traders generally buy the dips near the support and sell close to the resistance. The bulls are likely to defend the $0.46 to $0.41 zone with all their might because a break below it may open the doors for a fall to $0.35 and then to $0.30.
On the upside, a break and close above the 50-day SMA will be the first sign that the range-bound action may continue for a while longer. After failing to break below the range, the XRP/USDT pair may then climb toward the resistance at $0.64.
Related: <a href="https://cointelegraph.com/news/why-is-the-crypto-market-down-today" rel="noopener noreferrer nofollow">Why is the crypto market down today?</a>
<h2 id="dogecoin-price-analysis">Dogecoin price analysis</h2>
Dogecoin (<a href="https://cointelegraph.com/doge-price-index" rel="noopener noreferrer nofollow">DOGE</a>) plummeted below the $0.10 psychological support on Aug. 5, indicating that the bears are in control.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/a6c25cb5-135b-41e6-897f-ca5db26d4af7.png" alt="Price analysis 8/5: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA">
 <figcaption style="text-align: center;">DOGE/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
The price turned up from the $0.08 support, signaling that the bulls are trying to stall the decline. The DOGE/USDT pair could rise to $0.10 and then to the moving averages. A sharp rebound will suggest that the downtrend may be over, and the pair could enter a base building period by trading in a range.
On the contrary, if the price turns down from $0.10, it will indicate a lack of buyers. That will increase the risk of a fall to $0.06.
<h2 id="toncoin-price-analysis">Toncoin price analysis</h2>
Toncoin (<a href="https://cointelegraph.com/toncoin-price-index" rel="noopener noreferrer nofollow">TON</a>) completed a double top pattern when it fell below $6.77 on July 25. The failure of the bulls to push and maintain the price back above $6.77 intensified selling on Aug. 2.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/8b163d83-c4c2-44b8-af64-7ecd7624bedd.png" alt="Price analysis 8/5: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA">
 <figcaption style="text-align: center;">TON/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
The TON/USDT pair reached the crucial support at $4.72 on Aug. 5, which is likely to act as a solid support. Buyers have started a relief rally, which could reach $5.50 and then $6.36. The oversold level on the RSI also points to a possible bounce in the near term.
This optimistic view will be negated in the near term if the price turns down from the overhead resistance and breaks below $4.72. That could intensify selling, pulling the pair to the next support near $3.50.
<h2 id="cardano-price-analysis">Cardano price analysis</h2>
Cardano (<a href="https://cointelegraph.com/ada-price-index" rel="noopener noreferrer nofollow">ADA</a>) fell below the crucial support at $0.32 on Aug. 5, but lower levels attracted buying, as seen from the long tail on the candlestick.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-08/9631b87a-0bf3-47c2-a7b4-7b8dbcd35f88.png" alt="Price analysis 8/5: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA">
 <figcaption style="text-align: center;">ADA/USDT daily chart. Source: TradingView
 </figcaption>
</figure>
The sharp selling of the past few days has pulled the RSI into the overbought zone, suggesting that a relief rally may be around the corner. The recovery could reach the moving averages, where the sellers are likely to step in. If the price turns down sharply from the moving averages, the ADA/USDT pair could drop to the $0.24 support.
Buyers will have to drive and maintain the pair above the downtrend line to signal a potential trend change.
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.

Price analysis 8/5: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA

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