Price Analysis 2/20: SPX, BTC, DXY, ETH, BNB, ADA, XRP, MATIC
For a new breakout in Price Analysis 2023, the bulls are sitting tight in their positions, suggesting Bitcoin’s tight consolidation close to $25,000.
An increase in Bitcoin occurred of about 11% last week. The retailers can be sucked in as the prices are rising and this can be used by whales to sell their positions that they got on lower levels.
Bitcoin is no special case in the uptrend that witnesses several pullbacks. Nonetheless, the past week’s price action has shown a large basing pattern that can break out to the upside.
The key is to watch the price action closely and one should trade according to their money management. Normally, fortunate trades are simple to follow. Let’s see the charts of Price Analysis of US equities:
In three events, three major barriers which was the resistance line in Solana’s SOL. The SOL/USDT could march up to $39 if the price goes above the resistance line.
On Feb 10, the SPX index rebounded at 4,080, from the 20-day exponential moving average. But the price was not pushed above 4,200. Bears were roused by this since they pulled the price below the 20-day EMA. The index of RSI could oscillate between 4,200 and uptrend for some days.
The index could go up to 4,500 if the bulls decide to let it do so. Alternatively, the index can fall to 3,764 if the price turns down.
For the past four days, BTC has been trading at $25,211. While bears are defending this nicely, the bulls are not giving up. On Feb 20, bulls again got the opportunity and acquired at lower money.
On Feb 16, DXY broke the wedge pattern. The RSI is near 57. If bears pull up the price, the index can go up to 102.58. But, if the bulls do not allow this, then the index will revive to 38.2%.
On Feb 17, buyers pushed Ether up the resistance to $1,680. The RSI positive zone and upsloping moving averages stipulate that resistance is to the upside. If the price falls below $1.460, the pair can slump to $1,352.
For the last two days, the price of BNB has been $318 resistance. The pair can be $360 if the buyers level up their way. The bulls can drop the price to $300 as well.
H&S pattern can be changed by a break and close of above $0.42. This will push the cost to $0.50. The goal is $0.60. If the cost is down below the 20-Day EMA, it can go to $0.34 and give bears a chance for a comeback.
The RSI of XRP has been above 54 which shows the bulls are coming back, also their price is falling in a descending pattern. If the cost falls, it may go to $0.36. XRP can have a rally near $0.43 if they go above the resistance level.
If the price of MATIC goes up from its current, it’ll go to $1.57, and if it falls then, $1.13 if the sellers will bring the price down. The biggest obstacle to this is the 20-Day EMA.
The RSI is just up the midpoint, which shows the bulls have the bigger end of the stick. If the buyers will turn the price above $0.09, DOGE can go to $0.11. And if gone down more than this, $0.08.