Price analysis 2/27: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL

2 years ago

Bitcoin (BTC) and the United States equities markets are trying to commencement the week connected a affirmative enactment but immoderate analysts are skeptical astir the short-term prospects of the markets. According to Bloomberg Intelligence elder macro strategist Mike McGlone, Bitcoin volition look important absorption astatine $25,000. McGlone believes that it “may beryllium a portion earlier buy-and-hold types summation the precocious hand.”

It besides looks similar Bitcoin whales, unsocial entities owning 1,000 Bitcoin oregon more, are besides not convinced of the betterment successful the crypto markets. According to Glassnode, Bitcoin whale numbers person fallen to 1,663, which is good beneath the highest of 2,161 deed successful February 2021.

It is hard to drawback the bottommost successful immoderate market. Hence, traders should effort to physique a portfolio erstwhile they judge that the downtrend has ended and a basing signifier has begun.

Instead of buying the full quantity astatine 1 go, they could gradually physique a portfolio and purpose to decorativeness the purchases earlier the plus picks up momentum and shoots higher.

Could the spot successful the equities markets propulsion Bitcoin and altcoins higher? Let’s survey the charts to find out.

SPX

The S&P 500 scale (SPX) plunged beneath the 20-day exponential moving mean (4,046) connected Feb. 17, which intensified selling and pulled the terms to the uptrend line. Although the bears pulled the terms beneath the uptrend enactment connected Feb. 24, the little levels attracted buying arsenic seen from the agelong process connected the day’s candlestick. That helped the scale adjacent close the uptrend line.

The bulls whitethorn look an uphill task arsenic the bears are apt to merchantability connected immoderate alleviation rallies adjacent the 20-day EMA, arsenic seen from the agelong wick connected the Feb. 27 candlestick. If the terms turns down from the 20-day EMA, it volition suggest that the sentiment is antagonistic and traders are selling connected insignificant rallies. A adjacent beneath the uptrend enactment whitethorn unfastened the doors for a imaginable driblet to 3,764.

If bulls privation to salvage the situation, they volition person to propulsion the terms backmost supra the 20-day EMA. If they bash that, it volition bespeak that the interruption beneath the uptrend enactment whitethorn person been a carnivore trap. The scale could past effort a rally to the overhead absorption of 4,200.

DXY

The bulls successfully defended the retest of the breakout level from the wedge signifier connected Feb. 20, which started a stronger alleviation rally successful the U.S. dollar scale (DXY).

The scale has reached the 38.2% Fibonacci retracement level of 105.52. This level whitethorn spot an effort by the bears to stall the recovery. If sellers privation to support their hold, they volition person to descend the terms beneath the moving averages.

On the different hand, if bulls privation to fortify their position, they volition person to propulsion the terms supra 105.52. If they negociate to bash that, the scale could widen its betterment to the 50% retracement level of 106.98 and past to the 61.8% retracement level of 108.43.

BTC/USDT

Bitcoin rebounded disconnected the $22,800 enactment connected Feb. 25 and roseate supra the 20-day EMA ($23,417) connected Feb. 26. This suggests that little levels are attracting buyers.

However, the bears whitethorn not springiness up easily. They volition effort to propulsion the terms backmost beneath the 20-day EMA and situation the 50-day elemental moving mean ($22,433). If this level gives way, the BTC/USDT brace whitethorn plummet to the adjacent large enactment astatine $21,480.

Alternatively, if the terms erstwhile again bounces disconnected $22,800, it volition awesome that buyers are fiercely defending this level. That whitethorn bespeak a range-bound enactment betwixt $22,800 and $25,250 for a fewer days.

ETH/USDT

Ether (ETH) rebounded disconnected the 50-day SMA ($1,587) connected Feb. 25, indicating that the bulls are fiercely defending this level. The 20-day EMA ($1,626) has flattened retired and the RSI is conscionable supra the midpoint, indicating a equilibrium betwixt proviso and demand.

This equilibrium volition tilt successful favour of the bulls if they thrust and adjacent the terms supra $1,680. The ETH/USDT brace volition past effort to emergence supra the $1,800 absorption and commencement its travel toward the intelligence level of $2,000.

Alternatively, if the terms erstwhile again turns down from the overhead resistance, it volition bespeak that bears are not consenting to springiness up. That whitethorn summation the anticipation of a interruption beneath the 50-day SMA. The brace could past driblet to $1,460 and aboriginal to $1,352.

BNB/USDT

BNB (BNB) broke and closed beneath the 50-day SMA ($307) connected Feb. 24 but the bulls purchased the dip and pushed the terms to the 20-day EMA ($309) connected Feb. 26. This level is attracting selling by the bears.

If the terms turns down and breaks beneath $295, it volition bespeak that sellers person flipped the 20-day EMA into resistance. The BNB/USDT brace could past tumble toward the captious enactment astatine $280. This is an important level to ticker retired for due to the fact that a bounce disconnected it whitethorn constituent to a scope enactment betwixt $280 and $318 for immoderate time.

The adjacent trending determination successful the abbreviated word could statesman if buyers thrust the terms supra $318 oregon bears descend the terms beneath $280.

XRP/USDT

XRP’s (XRP) terms has been swinging wrong a ample scope betwixt $0.30 and $0.43 for the past respective weeks. The terms broke beneath the 50-day SMA ($0.39) connected Feb. 23 and has been gradually falling toward the coagulated enactment astatine $0.36.

The 20-day EMA ($0.38) has started to crook down and the RSI is successful the antagonistic territory, indicating that bears person a flimsy borderline successful the adjacent term. If the terms breaks beneath $0.36, the XRP/USDT brace whitethorn descent to the enactment enactment of the descending channel.

This antagonistic presumption could invalidate successful the adjacent word if the terms turns up and rises supra the channel. The brace could past effort a rally to the overhead absorption astatine $0.42 wherever the bears are expected to equine a beardown defense.

ADA/USDT

Cardano (ADA) bounced disconnected $0.35 connected Feb. 25 but the betterment is facing selling astatine the 50-day SMA ($0.37). This indicates that the bears are trying to flip the level into resistance.

The moving averages are connected the verge of a bearish crossover, with the 20-day EMA ($0.38) dropping beneath the 50-day SMA. Such a determination volition suggest that the bears person the borderline successful the adjacent term. A interruption and adjacent beneath the beardown enactment portion betwixt $0.34 and $0.32 could commencement a diminution to $0.26.

If bulls privation to forestall the downtrend, they volition person to propel the terms backmost supra the 20-day EMA. The ADA/USDT brace whitethorn past ascent to the $0.42 to $0.44 absorption zone.

MATIC/USDT

Polygon (MATIC) plunged beneath the 20-day EMA ($1.30) connected Feb. 24 and the bears successfully held its retest connected Feb. 26. This indicates that the 20-day EMA is acting arsenic the caller roof.

The bears volition adjacent effort to descend the terms beneath the 50-day SMA ($1.16). If they win successful this endeavor, the selling could intensify and the MATIC/USDT brace whitethorn tumble to the adjacent beardown enactment astatine $1.05.

If buyers privation to regain the precocious hand, they volition person to thrust the terms supra the 20-day EMA. That volition bespeak coagulated buying connected dips. The brace whitethorn archetypal ascent to $1.42 and thereafter rally to the $1.50 to $1.57 absorption zone.

DOGE/USDT

Dogecoin (DOGE) bounced disconnected the beardown enactment adjacent $0.08 connected Feb. 25 but the betterment is facing selling unit from the bears connected Feb. 27.

The moving averages person completed a bearish crossover and the RSI is successful the antagonistic territory, indicating that bears person the precocious hand. A interruption and adjacent beneath the $0.08 enactment volition implicit a caput and shoulders signifier successful the adjacent term. The DOGE/USDT brace could past plummet to $0.07.

Contrary to this assumption, if the terms turns up from the existent level oregon $0.08, it volition bespeak that little levels are being viewed arsenic a buying opportunity. The alleviation rally whitethorn look selling adjacent the downtrend enactment but if bulls flooded this barrier, the brace could effort a rally to $0.10.

SOL/USDT

Solana (SOL) is witnessing a pugnacious conflict betwixt the bulls and the bears adjacent the 50-day SMA ($22.75). This indicates that bulls are attempting to support the level portion the bears are trying to interruption it and travel retired connected top.

If the terms slips beneath $21.41, the SOL/USDT brace could driblet to the important enactment astatine $19.68. This is an important level for the bulls to support due to the fact that a adjacent beneath it whitethorn summation the selling unit and descend the brace to $15.

Conversely, if the terms turns up and rises supra the 20-day EMA ($23.23), the bulls volition propulsion the brace to the absorption line. The bears are apt to support this level with each their mightiness but if buyers flooded this obstacle, an up-move to $39 is possible.

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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