S&P 500

The crypto market corrected on news of the CFTC suing Binance and its CEO Changpeng Zhao, but technical charts reveal a silver lining.

The news and events related to the banking crisis in the United States and Europe have led to a rotation of funds into investments considered less risky. According to the Financial Times, the U.S. money market funds in March witnessed an inflow of $286 billion. 

Along with money market funds, a portion of the money may also have seeped into the crypto industry. The increased demand could be one of the reasons for Bitcoin’s (BTC) strong performance in March.

The big question in crypto investors’ minds is whether the recovery will continue or if it is time to book profits in Bitcoin.

Bitcoin hodlers seem to be confident in the long-term story and are not getting lured into selling their holdings after the recent rally. According to Glassnode data, the percent of Bitcoin supply that has remained dormant since March 2021 has hit a new all-time high.

If the banking crisis is contained, it may lead to a short-term correction in Bitcoin and altcoins but any further problems in the legacy banking system may continue to attract investments into Bitcoin. Let’s study the charts to find out the critical support and resistance levels in Bitcoin and altcoins.

S&P 500 index price analysis

The S&P 500 index (SPX) is trading inside a descending broadening wedge pattern. The bulls tried to push the price above the wedge on March 22 but the bears held their ground.

Buyers pushed the price above the 20-day exponential moving average (3,964) on March 27 but the long wick on the day’s candlestick shows that bears are in no mood to relent. Sellers will try to sink the price below the 200-day simple moving average (3,931). If they succeed, the index could drop to 3,800.

Contrarily, if bulls defend the moving averages, it will suggest demand at lower levels. The bullish momentum could pick up after buyers thrust the price above the resistance line of the wedge. The index could then skyrocket to 4,200.

U.S. dollar index price analysis

Buyers pushed the U.S. dollar index (DXY) above the 20-day exponential moving average (103) on March 15 but could not build upon the breakout. This shows that bears are selling on rallies.

The index could drop to the strong support at 100.82 where the bulls will try to arrest the decline. If the price rebounds off this level and rises above the 20-day EMA, it will suggest that the index may oscillate between the 200-day SMA (106) and 100.82 for some more time.

A break below the 100.82 level will be a huge negative as that will complete a bearish head and shoulders (H&S) pattern. The index could then plummet to 95. On the upside, a break above the 200-day SMA could push the price to the 61.8% Fibonacci retracement level of 108.43.

Bitcoin price analysis

Bitcoin has failed to rise above $29,000 in the past few days but the bulls continue to hold strong. They have not allowed the price to even dip to the breakout level of $25,250.

The upsloping 20-day EMA ($26,062) and the relative strength index (RSI) in the positive territory indicate the path of least resistance is to the upside.

If bulls drive the price above $29,000, the BTC/USDT pair may quickly climb to $32,500. This level may witness aggressive selling by the bears but if buyers overcome this barrier, the pair could soar to $40,000.

This positive view could invalidate in the near term if the price breaks below $25,250. The emboldened bears will then try to sink the pair to the 200-day SMA ($20,219).

Ether price analysis

Ether (ETH) bounced off the 20-day EMA ($1,705) on March 25 but the bulls could not challenge the overhead resistance at $1,857. This shows that bears are selling on relief rallies.

The bears will again try to sink the price below the 20-day EMA and the horizontal support at $1,680. If they can pull it off, the ETH/USDT pair may fall to $1,600. This is an important level for the bulls to defend because if this support cracks, the pair may tumble to the 200-day SMA ($1,435).

Alternatively, if the price rebounds off the 20-day EMA, it will suggest that the bulls continue to buy on minor dips. The pair could then rally to the stiff overhead resistance of $1,857. If this hurdle is crossed, the pair may jump to $2,000 and thereafter to $2,200.

BNB price analysis

BNB (BNB) bounced off the 20-day EMA ($317) on March 25 but the bulls could not clear the downtrend line, indicating that bears are selling on every minor rally.

The bears have pulled the price below the 20-day EMA. If they manage to sustain the lower levels, the BNB/USDT pair could plummet to the 200-day SMA ($290). This is an important level to watch out for because if it yields, the pair may nosedive to $265.

The first sign of strength will be a break and close above the downtrend line. That will indicate aggressive buying at lower levels. The pair may then attempt a rally to the $338 to $346 resistance zone.

XRP price analysis

The bulls flipped the moving averages into support and tried to resume the recovery in XRP (XRP). However, the higher levels are attracting aggressive selling as seen from the long wick on the March 27 candlestick.

The bears will once again try to pull the XRP/USDT pair to the moving averages. If the price rebounds off the 20-day EMA ($0.41), it will suggest that buyers are accumulating at lower levels. The bulls may then make one more attempt to clear the overhead zone. If that happens, the pair may rally to $0.65 and eventually to $0.80.

On the other hand, if the price slips below the moving averages, it will suggest that the bears are back in control. The pair could then plunge to $0.36.

Cardano price analysis

Cardano (ADA) slipped below the 200-day SMA ($0.36) and reached the 20-day EMA ($0.35) on March 25. The bulls tried a recovery on March 26 but the bounce lacked strength.

The bears will try to sustain the price below the 20-day EMA. If they manage to do that, it will indicate that the recent rally above the 200-day SMA may have been a bull trap. The ADA/USDT pair may first slide to $0.32 and then to $0.30.

Conversely, if the price turns up and breaks above the 200-day SMA, it will suggest demand at lower levels. The bulls will then make one more attempt to push the price to the neckline of the inverse H&S pattern.

Related: Why is Bitcoin price down today?

Polygon price analysis

Polygon’s (MATIC) shallow bounce off the strong support at $1.05 on March 25 suggests a lack of aggressive buying by the bulls. The bears are trying to strengthen their position by yanking the price below $1.05.

If bears sustain the breakdown, the MATIC/USDT pair may slump to the 200-day SMA ($0.97). This is an important level to keep an eye on because if it gives way, the sentiment will turn negative and the pair could tumble to $0.69.

If bulls want to prevent this decline, they will have to quickly push the price back above the 20-day EMA ($1.13). That will increase the likelihood of a rally to the strong overhead resistance zone between $1.25 and $1.30.

Dogecoin price analysis

Dogecoin (DOGE) has been swinging between the 200-day SMA ($0.08) and the horizontal support of $0.07 for the past few days.

The flattish 20-day EMA ($0.07) and the RSI just below the midpoint do not give a clear advantage either to the bulls or the bears. This suggests that the DOGE/USDT pair may spend some more time inside the range. The longer the time spent inside the range, the stronger will be the eventual breakout from it.

If the price collapses below $0.07, the pair could extend its decline to $0.06 and then to the vital support near $0.05. Instead, if the price breaks above the 200-day SMA, the pair may soar to the $0.10 to $0.11 resistance zone.

Solana price analysis

Solana (SOL) broke below the 20-day EMA ($20.93) on March 24. Buyers tried to push the price back above the 20-day EMA on March 25 and 26 but the bears held their ground. This suggests that the bears are trying to flip the 20-day EMA into resistance.

If the price sustains below $20, the SOL/USDT pair could retest the immediate support at $18.70. This level may attract buying but if bulls fail to propel the price above the 20-day EMA, the prospects of a fall to $15.28 increase.

Contrary to this assumption, if the price turns up from the current level and rises above the downtrend line, it will indicate that the downtrend may have ended. The pair could first rise to $27 and later attempt a rally to $39.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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.

Bitcoin continues to trade near $28,000, signaling a strong demand from investors even as the legacy banking system struggles with unprecedented volatility.

The takeover of the ailing Credit Suisse bank by UBS boosted European equity markets on March 20 but not everyone is happy with the deal. According to Swiss regulator FINMA, the value of additional tier one (AT1) bonds will be written to zero. This move will wipe out $17 billion worth of investments for AT1 bond investors.

Among the turmoil in the global banking sector, Bitcoin (BTC) has shone brightly. That is because traders seem to have shifted their focus to the alternative available to the legacy banking system. Another thing working in favor of Bitcoin is that it has decoupled from the United States equities markets and is behaving as an uncorrelated asset class.

Bitcoin’s solid rally in the past few days has boosted trader sentiment. The Crypto Fear and Greed Index has soared into the greed zone with a score of 66/100. The next trigger for the markets is the rate hike decision by the Federal Reserve on March 22.

Could Bitcoin reach $30,000 and pull altcoins higher, or is a correction likely in the near term? Let’s study the charts to find out.

S&P 500 index price analysis

The S&P 500 index (SPX) rallied from 3,808 on March 13 and rose above the 200-day simple moving average (3,935) on March 16 but the bulls could not clear the hurdle at the 20-day exponential moving average (3,962).

A positive sign is that the bulls purchased the dip below the 200-day SMA and are again attempting to overcome the obstacle at the 20-day EMA. If they succeed, the index could rally to 4,100 and then to 4,200.

The bears are likely to have other plans. They will try to halt the recovery at the 20-day EMA and sink the price back toward the support zone between 3,800 and 3,764. If this zone gives way, the selling could intensify and the index may plummet toward 3,600.

U.S. dollar index price analysis

The U.S. dollar index (DXY) has been trading near the 20-day EMA (104) for the past few days, indicating indecision among the bulls and the bears.

If bears sustain the price below 103.44, the index may slip to the next support at 102.50. Buyers will try to defend this level but if they fail in their endeavor, the index could tumble to the vital support at 100.82.

Alternatively, if the price turns up and breaks above 105.10, it will clear the path for a possible rally to the 200-day SMA (106). The bulls may encounter strong selling in the resistance zone between the 200-day SMA and the 61.8% Fibonacci retracement level of 108.43.

Bitcoin price analysis

Bitcoin has been holding above the breakout level of $25,250 since March 17, which is a positive sign. After a one-day correction on March 18, the price continued its northward march on March 19, indicating that the bulls are in no mood to book profits.

The rising 20-day EMA ($24,463) and the relative strength index (RSI) near the overbought territory indicate that bulls remain in control. The next major resistance is in the zone between $30,000 to $32,500.

If the price turns down from the current level or the overhead resistance, the key level to watch out for is $25,250. If the price rebounds off this level with strength, it will suggest that bulls have flipped $25,250 into support. The level will thereafter act as a floor during future declines.

Ether price analysis

Buyers pushed Ether (ETH) above the $1,800 resistance on March 18 and 19 but could not sustain the higher levels. This shows that bears are trying to stall the recovery.

A minor positive in favor of the bulls is that they have not allowed the price to slide back below the $1,743 to $1,680 support zone. The rising 20-day EMA ($1,654) and the RSI above 61, suggest that the path of least resistance is to the upside.

If buyers propel and sustain the price above $1,850, the ETH/USDT pair may start its journey toward $2,000 and subsequently to $2,200.

This positive view will invalidate in the near term if the price turns down and plummets below the 20-day EMA. That may trap the aggressive bulls, resulting in long liquidations. The pair could then slump to $1,461.

BNB price analysis

BNB (BNB) formed an inside-day candlestick pattern on March 19 and 20, indicating indecision among the bulls and the bears.

The bears are mounting a strong defense above $340 but the bulls have not given up much ground. The upsloping 20-day EMA ($311) and the RSI near the overbought zone give a slight edge to the bulls. If buyers kick the price above $350, the BNB/USDT pair may rally to $400.

On the contrary, if the price breaks below $325, the pair could drop to $318. A strong rebound off this level will suggest that the bulls have flipped the level into support while a break below $318 may sink the pair to the 200-day SMA ($288).

XRP price analysis

XRP (XRP) reached the 200-day SMA ($0.40) on March 19 but the bulls could not overcome this barrier as seen from the long wick on the candlestick.

The XRP/USDT pair continues to swing between the 200-day SMA and the horizontal support at $0.36. The flattish 20-day EMA and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. This indicates that the range-bound trading may continue for a while longer.

On the upside, a break and close above the 200-day SMA will indicate that bulls have overpowered the bears. The pair could first climb to $0.43 and later to $0.51. This positive view will be negated if the price turns lower and plunges below $0.36. The pair could then tumble to the support line of the channel.

Cardano price analysis

The bears are defending the 200-day SMA ($0.36) on Cardano (ADA) while the bulls are buying the dips to the 20-day EMA ($0.34).

This tight range may not remain for long. If buyers push the price above the 200-day SMA, the ADA/USDT pair could attempt a rally to the neckline of the developing H&S pattern. The bears are expected to defend the neckline with vigor because a break and close above it will signal a potential trend change.

On the contrary, if the price sustains below the 20-day EMA, the pair could drop to the immediate support at $0.31 and next to $0.30.

Related: Paris Blockchain Week 2023: Latest updates by Cointelegraph

Polygon price analysis

Polygon (MATIC) has been trading near the 20-day EMA ($1.16) for the past few days. The 20-day EMA has flattened out and the RSI is just below the midpoint, indicating a balance between supply and demand.

The $1.30 resistance is an important level to watch out for. If buyers clear this hurdle, the MATIC/USDT pair could soar to $1.57. This level may witness a tough battle between the bulls and the bears. If bulls come out on top, the pair may extend its up-move to $1.75.

The crucial level to watch on the downside is the 200-day SMA ($0.96). If the price breaks and sustains below this level, it will suggest that bears have seized control. The pair could then nosedive to $0.69.

Dogecoin price analysis

Dogecoin (DOGE) rose above the 20-day EMA ($0.07) on March 17 but the bulls could not push the price above the 200-day SMA ($0.08). This shows that the bears are unwilling to let go of their advantage.

The flat 20-day EMA and the RSI near the midpoint suggest a range-bound action in the near term. The boundaries for the range could be the 200-day SMA on the upside and $0.07 on the downside.

If bulls kick the price above the 200-day SMA, it will suggest that the markets have rejected the lower levels. The DOGE/USDT pair could then rally to $0.09 and thereafter to $0.10. Alternatively, a break below $0.07 could clear the path for a retest of $0.06.

Solana price analysis

Solana (SOL) turned down from the 200-day SMA ($22.7) on March 18 but rebounded off the 20-day EMA ($20.98) on March 19. This suggests solid demand at lower levels.

Buyers pushed the price above the 200-day SMA and the SOL/USDT pair has reached the downtrend line. If bulls push and sustain the price above the downtrend line, it will point to a potential trend change. There is a minor resistance at $27.12 but it is likely to be crossed. The pair may then attempt a rally to $39.

The first support on the downside is the 20-day EMA and then $18.70. If both these levels fail to hold, the pair may retest the vital support at $15.28.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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.

Stock markets continue to trend upward, while crypto investors wait for this week’s Federal Reserve statements before choosing which direction BTC and altcoin prices will take.

The United States equities markets are trying to extend their recovery at the start of the new week. One of the reasons that could be boosting investor confidence is that the yield on the benchmark 10-year note has slipped further to 3.924%.

However, the bullish sentiment of the equities markets has not rubbed off on the cryptocurrency markets which continue to underperform. Bitcoin’s (BTC) tight range trading since March 4 suggests that there is uncertainty about the next directional move.

Generally, periods of low volatility are followed by a pick-up in volatility. The congressional testimony of Federal Reserve Chair Jerome Powell on March 7 and March 8 will be watched for the outlook on inflation and rate hikes. Later, on March 10, the release of February's job report could add to the volatility.

Could the strength in the U.S. equities markets and the weakness in the U.S. dollar index(DXY) attract buying in the beaten-down cryptocurrency sector? Let’s study the charts to find out.

SPX

The S&P 500 index (SPX) turned up sharply from 3,928 on March 2, indicating that buyers have not given up and are accumulating at lower levels.

Buyers pushed the price above the 20-day exponential moving average (4,030) on March 3 and followed it up with another move higher on March 6. The rise back above the uptrend line could have trapped the aggressive bears who may be rushing to the exit. The index will try to rise to 4,200 and then to 4,300.

On the contrary, if the price turns down from the current level or the overhead resistance and breaks below the moving averages, it will suggest that bears are back in the game. A break and close below 3,928 could open the gates for a possible drop to 3,764.

DXY

The recovery in the U.S. dollar index (DXY) is facing selling near the 38.2% Fibonacci retracement level of 105.52 but a minor positive in favor of the buyers is that they have not allowed the price to slip below the 20-day EMA (104.10).

If the price bounces off the 20-day EMA, the bulls will again try to drive the index above the overhead resistance. If they succeed, the index could rally to the 50% retracement level of 106.98 and then to the 61.8% retracement level of 108.43.

Instead, if the price turns down and breaks below the 20-day EMA, the next stop may be the 50-day SMA (103.36). Such a move will suggest that the index may consolidate between 101.29 and 105.52 for some time.

BTC/USDT

Bitcoin is struggling to climb back above $22,800, indicating that the bears are trying to flip the level into resistance. The moving averages are about to complete a bearish crossover and the relative strength index (RSI) is in the negative zone, signaling advantage to the bears.

If the price turns down from the current level, the BTC/USDT pair may drop to the critical support at $21,480. This level may witness a tough battle between the bulls and the bears. If the bears come out on top, the pair may extend its decline to the psychologically important level of $20,000.

On the other hand, if the price rebounds off $21,480, the bulls will make one more attempt to clear the overhead hurdle at $22,800. If they manage to do that, the pair may start its up-move toward $25,250.

ETH/USDT

Ether (ETH) has been trading in a tight range following the sharp fall on March 3. This indicates indecision among the buyers and sellers.

If bears sink the price below $1,544, the advantage could tilt in their favor and the ETH/USDT pair may slump toward the strong support at $1,461. This level is again likely to behave as a strong support. If the price springs back from this level, the pair may remain stuck between $1,461 and $1,743 for a while longer.

On the upside, the bulls will have to push and sustain the price above the moving averages to signal a comeback. The pair may then attempt to climb above the $1,680 to $1,743 resistance zone. If that happens, the pair may start its journey toward $2,000.

BNB/USDT

BNB’s (BNB) shallow pullback from the current level shows a lack of aggressive buying by the bulls. The downsloping 20-day EMA ($301) and the RSI in the negative territory indicate that the path of least resistance is to the downside.

If bears sink the price below $280, the BNB/USDT pair will complete a bearish head and shoulders (H&S) pattern. That could start a downward move toward the first target at $245 and thereafter $222.

If bulls want to prevent the downturn, they will have to fiercely defend the $280 support and quickly push the price above the 20-day EMA. That could increase the possibility of a rise to the overhead resistance at $318.

XRP/USDT

XRP’s (XRP) rebound off the $0.36 support on March 3 met with strong selling near the 20-day EMA ($0.38). This suggests that the sentiment is negative and traders are selling on rallies.

If the price tumbles below $0.36, the XRP/USDT pair could reach the support line of the descending channel pattern. Buyers may buy this dip to keep the pair inside the channel but could find it difficult to overcome the obstacle at $0.36.

The first sign of strength will be a break and close above the resistance line of the channel. That could attract further buying and the pair may attempt a rally to $0.43 where they are likely to encounter stiff resistance from the bears.

ADA/USDT

Cardano (ADA) bounced off the $0.32 support on March 3 but the bulls could not propel the price above the overhead resistance at $0.34. This shows that the rallies are being sold into.

The bears will again try to sink the price below the $0.32 support. If they can pull it off, the ADA/USDT pair could witness aggressive selling. There is no major support until the pair reaches $0.26.

This negative view could invalidate in the near term if the price rebounds off $0.32 and breaks above the moving averages. That could increase the possibility of the formation of the right shoulder of the inverse H&S pattern.

Related: Bitcoin traders eye $19K BTC price bottom, warn of 'hot' February CPI

MATIC/USDT

Polygon (MATIC) formed an inside-day candlestick pattern on March 5, indicating indecision among the bulls and the bears.

The downsloping 20-day EMA ($1.23) and the RSI below 41 suggest advantage to the bears. The MATIC/USDT pair could drop to the solid support at $1.05. Buyers are expected to defend this level aggressively because a break and close below it may sink the pair to $0.90 and thereafter to $0.69.

Alternatively, if the price turns up from the current level or rebounds off $1.05 with strength, it will indicate demand at lower levels. That may start a relief rally to the 20-day EMA where the bears may again mount a strong defense.

DOGE/USDT

Dogecoin (DOGE) attempted a recovery on March 5 but the long wick on the day’s candlestick indicates selling on rallies.

The downsloping 20-day EMA ($0.08) and the RSI near the oversold zone show that bears are in command. The sellers will try to strengthen their position further by yanking the price below the crucial support near $0.07. If this level breaks down, the pair could reach the pattern target of $0.06.

On the way up, the first resistance to watch out for is $0.08. If this level is scaled, the DOGE/USDT pair may start a recovery toward $0.10.

SOL/USDT

The bulls tried to start a recovery in Solana (SOL) on March 5 but the long wick on the day’s candlestick shows selling near the 20-day EMA ($22.32).

The bears will try to pull the price below the strong support near $19.68. If they succeed, the selling may intensify and the SOL/USDT pair could plummet toward the strong support near $15.

On the contrary, if the price rebounds off $19.68, it will suggest accumulation on dips. The bulls will then again try to push the price above the moving averages. If that happens, the pair could rise to the resistance line.

The zone between the resistance line and $27.12 remains the key area to watch out for because a break above it could catapult the pair toward $39.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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.

Bitcoin and U.S. equities markets are attempting to recover, but selling at overhead resistance could continue to weigh on the bullish momentum.

Bitcoin (BTC) and the United States equities markets are trying to start the week on a positive note but some analysts are skeptical about the short-term prospects of the markets. According to Bloomberg Intelligence senior macro strategist Mike McGlone, Bitcoin will face significant resistance at $25,000. McGlone believes that it “may be a while before buy-and-hold types gain the upper hand.”

It also looks like Bitcoin whales, unique entities owning 1,000 Bitcoin or more, are also not convinced of the recovery in the crypto markets. According to Glassnode, Bitcoin whale numbers have fallen to 1,663, which is well below the peak of 2,161 hit in February 2021.

It is difficult to catch the bottom in any market. Hence, traders should try to build a portfolio when they believe that the downtrend has ended and a basing pattern has begun.

Instead of buying the entire quantity at one go, they could gradually build a portfolio and aim to finish the purchases before the asset picks up momentum and shoots higher.

Could the strength in the equities markets pull Bitcoin and altcoins higher? Let’s study the charts to find out.

SPX

The S&P 500 index (SPX) plunged below the 20-day exponential moving average (4,046) on Feb. 17, which intensified selling and pulled the price to the uptrend line. Although the bears pulled the price below the uptrend line on Feb. 24, the lower levels attracted buying as seen from the long tail on the day’s candlestick. That helped the index close near the uptrend line.

The bulls may face an uphill task as the bears are likely to sell on any relief rallies near the 20-day EMA, as seen from the long wick on the Feb. 27 candlestick. If the price turns down from the 20-day EMA, it will suggest that the sentiment is negative and traders are selling on minor rallies. A close below the uptrend line may open the doors for a possible drop to 3,764.

If bulls want to salvage the situation, they will have to push the price back above the 20-day EMA. If they do that, it will indicate that the break below the uptrend line may have been a bear trap. The index could then attempt a rally to the overhead resistance of 4,200.

DXY

The bulls successfully defended the retest of the breakout level from the wedge pattern on Feb. 20, which started a stronger relief rally in the U.S. dollar index (DXY).

The index has reached the 38.2% Fibonacci retracement level of 105.52. This level may see an attempt by the bears to stall the recovery. If sellers want to maintain their hold, they will have to sink the price below the moving averages.

On the other hand, if bulls want to strengthen their position, they will have to push the price above 105.52. If they manage to do that, the index could extend its recovery to the 50% retracement level of 106.98 and then to the 61.8% retracement level of 108.43.

BTC/USDT

Bitcoin rebounded off the $22,800 support on Feb. 25 and rose above the 20-day EMA ($23,417) on Feb. 26. This suggests that lower levels are attracting buyers.

However, the bears may not give up easily. They will try to pull the price back below the 20-day EMA and challenge the 50-day simple moving average ($22,433). If this level gives way, the BTC/USDT pair may plummet to the next major support at $21,480.

Alternatively, if the price once again bounces off $22,800, it will signal that buyers are fiercely defending this level. That may indicate a range-bound action between $22,800 and $25,250 for a few days.

ETH/USDT

Ether (ETH) rebounded off the 50-day SMA ($1,587) on Feb. 25, indicating that the bulls are fiercely defending this level. The 20-day EMA ($1,626) has flattened out and the RSI is just above the midpoint, indicating a balance between supply and demand.

This balance will tilt in favor of the bulls if they thrust and close the price above $1,680. The ETH/USDT pair will then attempt to rise above the $1,800 resistance and start its journey toward the psychological level of $2,000.

Alternatively, if the price once again turns down from the overhead resistance, it will indicate that bears are not willing to give up. That may increase the possibility of a break below the 50-day SMA. The pair could then drop to $1,460 and later to $1,352.

BNB/USDT

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

If the price turns down and breaks below $295, it will indicate that sellers have flipped the 20-day EMA into resistance. The BNB/USDT pair could then tumble toward the critical support at $280. This is an important level to watch out for because a bounce off it may point to a range formation between $280 and $318 for some time.

The next trending move in the short term could begin if buyers drive the price above $318 or bears sink the price below $280.

XRP/USDT

XRP’s (XRP) price has been swinging inside a large range between $0.30 and $0.43 for the past several weeks. The price broke below the 50-day SMA ($0.39) on Feb. 23 and has been gradually falling toward the solid support at $0.36.

The 20-day EMA ($0.38) has started to turn down and the RSI is in the negative territory, indicating that bears have a slight edge in the near term. If the price breaks below $0.36, the XRP/USDT pair may slide to the support line of the descending channel.

This negative view could invalidate in the near term if the price turns up and rises above the channel. The pair could then attempt a rally to the overhead resistance at $0.42 where the bears are expected to mount a strong defense.

ADA/USDT

Cardano (ADA) bounced off $0.35 on Feb. 25 but the recovery is facing selling at the 50-day SMA ($0.37). This indicates that the bears are trying to flip the level into resistance.

The moving averages are on the verge of a bearish crossover, with the 20-day EMA ($0.38) dropping below the 50-day SMA. Such a move will suggest that the bears have the edge in the near term. A break and close below the strong support zone between $0.34 and $0.32 could start a decline to $0.26.

If bulls want to prevent the downtrend, they will have to propel the price back above the 20-day EMA. The ADA/USDT pair may then climb to the $0.42 to $0.44 resistance zone.

Related: Bitcoin price eyes $24K retest as US dollar dives into monthly close

MATIC/USDT

Polygon (MATIC) plunged below the 20-day EMA ($1.30) on Feb. 24 and the bears successfully held its retest on Feb. 26. This indicates that the 20-day EMA is acting as the new roof.

The bears will next attempt to sink the price below the 50-day SMA ($1.16). If they succeed in this endeavor, the selling could intensify and the MATIC/USDT pair may tumble to the next strong support at $1.05.

If buyers want to regain the upper hand, they will have to thrust the price above the 20-day EMA. That will indicate solid buying on dips. The pair may first climb to $1.42 and thereafter rally to the $1.50 to $1.57 resistance zone.

DOGE/USDT

Dogecoin (DOGE) bounced off the strong support near $0.08 on Feb. 25 but the recovery is facing selling pressure from the bears on Feb. 27.

The moving averages have completed a bearish crossover and the RSI is in the negative territory, indicating that bears have the upper hand. A break and close below the $0.08 support will complete a head and shoulders pattern in the near term. The DOGE/USDT pair could then plummet to $0.07.

Contrary to this assumption, if the price turns up from the current level or $0.08, it will indicate that lower levels are being viewed as a buying opportunity. The relief rally may face selling near the downtrend line but if bulls overcome this barrier, the pair could attempt a rally to $0.10.

SOL/USDT

Solana (SOL) is witnessing a tough battle between the bulls and the bears near the 50-day SMA ($22.75). This indicates that bulls are attempting to protect the level while the bears are trying to break it and come out on top.

If the price slips below $21.41, the SOL/USDT pair could drop to the important support at $19.68. This is an important level for the bulls to defend because a close below it may increase the selling pressure and sink the pair to $15.

Conversely, if the price turns up and rises above the 20-day EMA ($23.23), the bulls will push the pair to the resistance line. The bears are likely to defend this level with all their might but if buyers overcome this obstacle, an up-move to $39 is possible.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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.

Bitcoin’s tight consolidation near $25,000 suggests that bulls are holding on to their positions in anticipation of a breakout to a new 2023 high.

Bitcoin (BTC) rose more than 11% last week and is trading near the pivotal resistance at $25,000. Monitoring resource Material Indicators highlighted in its latest update that large volume traders were “thinning” overhead resistance, which could spark a rally. As the prices rise, retail traders may get sucked in and the whales could use this opportunity to sell their positions that were accumulated at lower levels.

Every uptrend witnesses several pullbacks and Bitcoin is no exception. However, the price action of the past several months shows a large basing pattern, which may be about to break out to the upside. If that happens, Bitcoin will signal a potential trend change.

There are very few occasions when all the indicators turn bullish. If traders keep waiting for that to happen, they may miss a large portion of the rally. Therefore, it is better to watch the price action closely and trade according to the individual’s money management principles. Usually, successful strategies are simple and easy to follow.

Could Bitcoin and select altcoins continue to outperform the United States equities markets in the near term? Let’s study the charts to find out.

SPX

The S&P 500 index (SPX) bounced off the 20-day exponential moving average (4,080) on Feb. 10 but the bulls could not push the price to the overhead resistance at 4,200. This emboldened the bears who pulled the price below the 20-day EMA on Feb. 17. A minor positive for the bulls is that lower levels attracted strong buying as seen from the long tail on the day’s candlestick.

The 20-day EMA is flattening out and the relative strength index (RSI) is near the midpoint, suggesting a few days of consolidation. The index could swing between the uptrend line and 4,200 for some time.

Trading inside a range is generally volatile and random. If bulls thrust the price above 4,200, the index could resume its up-move. There is resistance at 4,300 but if bulls do not allow the price to dip back below 4,200 during the next correction, the index may rally to 4,500.

Contrary to this assumption, if the price turns down and plummets below the uptrend line, the index may tumble to 3,764.

DXY

The U.S. dollar index (DXY) broke and closed above the wedge pattern on Feb. 16. The moving averages are about to complete a bullish crossover and the RSI is near 57, indicating that bulls are trying to make a comeback.

However, the bears are unlikely to give up easily. They will try to pull the price back below the moving averages and trap the aggressive bulls. If they do that, the index could first slip to 102.58 and thereafter to 101.29.

Conversely, if bulls do not allow the price to break below the moving averages, it will suggest that dips are being purchased. The index may then start a relief rally to the 38.2% Fibonacci retracement level of 105.52 and thereafter to the 50% retracement level of 106.98.

BTC/USDT

Bitcoin has been trading near the strong overhead resistance at $25,211 for the past four days. Although the bears have defended the level successfully, the bulls have not given up. They again jumped on the opportunity on Feb. 20 and purchased at lower levels.

Generally, a consolidation near a strong overhead resistance breaks out to the upside. The rising moving averages and the RSI above 65 also indicate that bulls are in control. If the price breaks and sustains above $25,250, the BTC/USDT pair could pick up momentum. There is no major resistance until $31,000, hence this journey could be covered in a short time.

The first support is at the 20-day EMA ($23,218) and then at $22,800. Sellers will have to quickly drag the price below this support to weaken the bullish momentum. The pair could then tumble to $21,480.

ETH/USDT

Buyers pushed Ether (ETH) above the overhead resistance of $1,680 on Feb. 17 and thwarted attempts by the bears to pull the price back below the breakout level.

The upsloping moving averages and the RSI in the positive zone indicate that the path of least resistance is to the upside. The ETH/USDT pair could first rise to $1,800 and then continue its journey toward the next resistance at $2,000. Sellers are expected to fiercely defend the zone between $2,000 and $2,200.

This bullish view could invalidate in the near term if the price turns down from the current level and breaks below $1.460. The pair may then slump to the strong support at $1,352.

BNB/USDT

Sellers are trying to defend the $318 resistance but the bulls have not allowed BNB’s (BNB) price to sustain below the moving averages. This suggests that lower levels are attracting buyers.

The price has been clinging to the $318 resistance for the past two days, increasing the possibility of a break above it.

If that happens, the BNB/USDT pair could rally to the neckline of the inverse head and shoulders (H&S) pattern where the bears may again erect a strong barrier. If buyers bulldoze their way through, the pair could jump up to $360 and thereafter continue its journey to $400.

The bears will have to sink and sustain the price below the 50-day SMA ($300) to keep their chances alive for starting a deep correction.

XRP/USDT

XRP’s (XRP) price has been falling in a descending channel pattern. The 20-day EMA ($0.39) is flattish but the RSI has risen above 54, indicating that bulls are trying to start a recovery.

If the price ascends and sustains above the resistance line of the channel, the XRP/USDT pair may start a rally to the crucial overhead level of $0.43. A break and close above this level could open the gates for a possible spurt to $0.51.

Contrarily, if the price turns down from the current level and sustains below the moving averages, it will suggest that bears are not willing to give up without a fight. The pair could first slide to $0.36 and then to the support line of the channel.

ADA/USDT

Cardano (ADA) is getting squeezed between the neckline and the 20-day EMA ($0.38). This tight range trading suggests that bulls are buying the dips to the 20-day EMA as they anticipate a move higher.

The upsloping moving averages and the RSI in the positive territory indicate that bulls have the upper hand. A break and close above $0.42 will complete a bullish inverse H&S pattern. This setup could attract further buying and push the price toward $0.50. The target objective of this reversal pattern is $0.60.

Alternatively, if the price turns down and breaks below the 20-day EMA, it will give an opportunity to the bears to make a comeback. The pair could then slide to the strong support at $0.34.

Related: Ethereum's deflation accelerates as Shanghai upgrade looms — Can ETH price avoid a 30% drop?

MATIC/USDT

Polygon (MATIC) is in a strong uptrend. The bears tried to stall the up-move near $1.57 but the shallow pullback suggests that bulls are not rushing to the exit.

If the price turns up from the current level and rises above $1.57, the uptrend may resume. The MATIC/USDT pair could then rally to $1.70. This level is likely to act as a major obstacle but if bulls kick the price above it, the pair could continue its northward march and reach $2.10.

The first major support on the downside is the 20-day EMA. Sellers will have to tug the price below this support to slow down the bullish momentum. The pair could then start a deeper correction to $1.13.

DOGE/USDT

The bulls and the bears are witnessing a tough battle near the moving averages. A minor positive is that buyers have not allowed Dogecoin (DOGE) to sustain below the 50-day SMA ($0.08), indicating demand at lower levels.

The 20-day EMA ($0.09) has started to turn up gradually and the RSI is just above the midpoint, signaling that bulls have a slight edge. If buyers drive and sustain the price above $0.09, the DOGE/USDT pair could rally to $0.10 and thereafter to $0.11. This level may act as a significant resistance but if crossed, the next stop could be $0.15.

On the downside, the $0.08 level is acting as a strong support. Any breach of this level could result in a retest of the crucial support at $0.07.

SOL/USDT

The resistance line in Solana (SOL) acted as a major obstacle on three previous occasions, hence a break and close above it will be the first indication that the downtrend could be ending.

If the price sustains above the resistance line, the SOL/USDT pair could rally to $39 where the bears may again mount a strong defense. If bulls flip the resistance line into support during the next pullback, the likelihood of the pair hitting $50 increases.

Time is running out for the bears. If they want to regain the advantage, they will have to quickly stall the up-move and yank the price back below the support at $19.50. If they do that, the pair may plummet to $15.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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.