While a higher US dollar has put the brakes on Bitcoin’s price recovery, a lower rate is likely to attract buyers for altcoins such as BTC and Dogecoin.
The United States Dollar Index (DXY) has made a strong recovery, and its rise is putting pressure on Bitcoin.
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and the S&P 500 (SPX) index. Federal Reserve Chairman Jerome Powell speaks before the Business Club of Washington on February 10, 7 No.
Meanwhile, Bitcoin’s 43% rally in January boosted sentiment among retail investors. Crypto analytics firm Santiment said bitcoin addresses holding 0.1 bitcoin or less increased by 620,000 to 39.8 million, the highest number since November 19.
With sentiments taking a positive turn; Traders tend to buy uptrends because they expect the uptrend to continue. However, Some analysts believe that bearish buyers will continue to catch up, and Bitcoin may fall from $19,000 to the $21,000 support zone; Or surrender in a few more weeks.
Could the S&P 500 and cryptocurrencies markets hit near-term record gains? How many animals are important to watch out for? Let’s explore the plans.
SPX
The S&P 500 index rose above resistance at 4,101 on February 15. 1 But elephants don’t give up without a fight. It will try to pull the price back above 4,101 and trap the aggressive bulls.
The duty is to try to protect the area between 4,101 and the 20-day moving average (4,033). If the price rebounds from this point; A break above 4,200 is likely to be bullish. That could pave the way for a 4,300-seat meeting where the Bears could once again build a strong barrier.
On the downside, The 20-day EMA is an important support to target. A release and close at the bottom would indicate that the bulls may be losing their grip, while the index is at risk of an upside downtrend.
DXY
The US dollar index rebounded strongly on February 2, indicating strong buying at lower levels. Buyers maintained momentum and pushed the price above the February 3 20 EMA (102).
The index may advance to the resistance line of the derivative wide wedge pattern, where the bears will try to prevent relief. This is an important element to protect if the salesperson wants to be successful.
Alternatively, the bulls should push the price on a wedge to gain meaningful momentum up to 108 and hold. Day 20: The EMA is flat and the Relative Strength Index (RSI) is indicating a possible trade; Reduces pressure.
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Bitcoin has returned to an important support zone between $22,800 and the 20-day EMA ($22,489). This is an area that needs to be protected if you want to keep the herd momentum going.
If the price rebounds from here. The bulls will push the BTC/USDT pair above $24,255 and challenge overhead resistance at $25,000. Bears are expected to defend this position to the best of their ability, and a close above $25,000 would mean the end of the bear market.
Conversely, If the price breaks below the 20-day EMA; A significant regression occurs. Important points to watch on the downside are $21,480 and the 50-day simple moving average ($19,697).
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It lies between the 20-day EMA ($1,591) and the upper resistance at $1,680. This steady trade is unlikely to continue for long and may soon break down.
If the price drops significantly below the 20-day EMA, the ETH/USDT pair may continue its downtrend and reach $1,500. This level will attract buyers and the back-and-forth will keep the pair in the $1,500-$1,680 range for a few days.
After that, the bear must keep the price below $1,500 to win. The pair could then start a deep correction towards $1,352. In other words, buyers will have to go $2,000 for a pair starting at $1,680 to $1,800.
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Price above the February 5 resistance at $335.50. But a long wick on the candle means the bears are selling at higher highs. As seen from the long tail of the February 6 candlestick, bulls priced in with aggressive buying.
