Bitcoin and altcoins could continue to sell-off due to this week’s CPI print and stringent regulatory action from the U.S. Securities and Exchange Commission.
This suggests that the medium-term trend remains negative but the short-term trend could be signaling a turnaround. Let’s study the charts to find out the critical support and resistance levels to watch out for.The S&P 500 index turned down from 4,200 on Feb. 2 and has reached the 20-day exponential moving average on Feb. 10. This is an important level for the bulls to defend if they want to keep the recovery intact.
This is an important level to keep an eye on because if bulls pierce this resistance, the index may rally to 4,300 and thereafter to 4,500. If bears want to have the upper hand, they will have to pull the index below the 20-day EMA. That could sink the index to the uptrend line.The U.S. dollar index turned down from the resistance line on Feb. 7 but the bears could not sink the price below the 20-day EMA . This suggests a change in sentiment from selling on rallies to buying on dips.The 20-day EMA has turned up and the RSI has risen into the positive territory, suggesting that bulls are making a comeback.
Instead, if the price turns down from the current level and breaks below the 20-day EMA, it will suggest that the index may extend its stay inside the wedge pattern for a few more days.Bitcoin’s attempt to recover fizzled out at $22,090 on Feb. 12, indicating that bears are selling on every minor rise and not waiting for the price to reach the 20-day EMA .This increases the possibility of a break below $21,480.
If the price rebounds off this support, the bulls will attempt to drive the BTC/USDT pair above $21,480 and attack the 20-day EMA. Buyers will have to clear this hurdle to seize control and open the doors for a possible rally to $23,500.
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