Market Analysis 2/16: SPX, DXY, BTC, ETH, BNB, XRP, SOL, DOGE, ADA, BCH Price Outlook
Bitcoin and leading altcoins are encountering resistance during recovery attempts at key overhead levels, suggesting bearish forces continue to dominate the market.
Key points:
- Bitcoin continues to face downward pressure with sellers actively engaging near the $74,508 resistance threshold
- Several prominent altcoins are witnessing strong bearish defense at elevated price levels, reflecting prevailing negative market sentiment.
Bitcoin (BTC) has commenced the fresh week displaying caution as buying forces work to keep the asset trading above $67,500. Market participants are showing reluctance to purchase during price declines, evidenced by the $133.3 million in withdrawals from BTC exchange-traded products throughout the previous week. Overall withdrawals from cryptocurrency investment products have climbed to $3.8 billion across the last four weeks, as reported in a CoinShares Monday update.
Should BTC conclude the current month beneath $79,500, it would mark the first-ever occurrence of back-to-back negative monthly closures in January and February. With losses exceeding 22%, BTC is facing its most severe first-quarter performance since experiencing a 49.7% decline in 2018, according to CoinGlass data.
Notwithstanding BTC's underwhelming results and ambiguous short-term trajectory, Strategy co-founder Michael Saylor suggested in an X platform post that the firm continues acquiring additional BTC. This will represent Strategy's 99th BTC purchase, demonstrating that their optimistic long-term outlook stays unaltered.
Will BTC and leading altcoins successfully protect their support zones and initiate a robust relief rally? Let's examine the technical charts of the top 10 cryptocurrencies to determine the answer.
S&P 500 Index price prediction
The S&P 500 Index (SPX) is experiencing an intense struggle between buying and selling forces at the ascending channel pattern's support line.
The moving averages are approaching a bearish crossover, while the relative strength index (RSI) sits in negative territory, suggesting that selling forces are regaining strength. Should the price drop beneath the 6,780 level, the index could initiate a more substantial correction toward 6,720 before potentially reaching solid support at 6,550.
To maintain dominance, buyers must drive the price beyond the 7,002 level. Successfully achieving this could allow the index to continue its upward trajectory and advance toward the 7,290 level.
US Dollar Index price prediction
The US Dollar Index (DXY) has been fluctuating beneath the moving averages, yet selling forces have been unable to test the 96.21 to 95.55 support zone.
Buying forces will attempt to consolidate their position by driving the price beyond the moving averages. Accomplishing this could enable the index to advance toward 99.49 before potentially reaching the overhead resistance positioned at 100.54.
On the other hand, should the price reverse sharply downward from the moving averages, it would indicate that selling forces persist in their strategy of selling during upward movements. The index could then initiate the subsequent phase of its downward trend upon closing beneath the 95.55 support.
Bitcoin price prediction
Selling forces are working to stop BTC's upward movement near $71,000, demonstrating that bearish traders continue selling during recovery attempts.
Sellers must drag the price beneath the $65,000 level to maintain their controlling position. The BTC/USDT pair could subsequently revisit the crucial $60,000 level. Should the $60,000 support fail, the following destination is expected to be $52,500.
Buying forces must push the Bitcoin price beyond the breakdown level of $74,508 to indicate that bearish pressure is diminishing. The pair could then advance toward the 50-day SMA ($83,910), where selling forces are anticipated to establish a formidable defense.
Ether price prediction
Ether (ETH) reversed downward from the $2,111 level on Sunday yet again, demonstrating that selling forces are vigorously protecting this level.
Selling forces will work to drag the price beneath the immediate support positioned at $1,897. Succeeding in this effort could cause the ETH/USDT pair to decline toward the $1,750 level. Buying forces are anticipated to protect the $1,750 level with maximum effort, since a close beneath it could send the pair tumbling to $1,537.
Conversely, should the Ether price reverse upward and breach the 20-day EMA ($2,221), it would signal diminishing selling pressure. The pair could then advance toward the 50-day SMA ($2,744).
BNB price prediction
BNB's (BNB) recovery attempt lost momentum at $642 on Sunday, demonstrating that selling forces are engaging during each small upward movement.
Selling forces will work to strengthen their advantage by dragging the BNB price beneath the $570 level. Successfully accomplishing this could cause the BNB/USDT pair to continue its downward movement toward psychological support positioned at $500.
Buying forces must propel the price beyond the 20-day EMA ($686) to indicate that selling forces are weakening their control. The pair could then ascend to $730 and later to the 50-day SMA ($817).
XRP price prediction
XRP (XRP) reversed upward from the descending channel pattern's support line on Friday and penetrated the 20-day EMA ($1.53) on Sunday.
Nevertheless, selling forces effectively protected the breakdown level of $1.61 and dragged the XRP price back beneath the 20-day EMA. Buying forces are improbable to surrender readily and will launch another effort to overcome the $1.61 level.
Should they prevail, the XRP/USDT pair could ascend to the 50-day SMA ($1.81). Such movement would suggest that the pair could continue trading within the channel for an extended period.
Selling forces must pull the price beneath the support line to secure the advantage. The pair could then revisit the Feb. 6 low of $1.11.
Solana price prediction
Buying forces are working to drive Solana (SOL) back beyond the breakdown level of $95, however selling forces have maintained their position.
The Solana price could fluctuate within the $76 to $95 range for a period. Such movement enhances the probability of an upward breakout. The SOL/USDT pair could then advance toward $117.
This optimistic outlook will be invalidated in the short term should the price reverse downward and drop beneath the $76 support. The pair could then revisit the Feb. 6 low of $67, where buying forces are anticipated to intervene.
Dogecoin price prediction
Dogecoin (DOGE) reversed downward from the breakdown level of $0.12 on Sunday, demonstrating that selling forces are protecting this level.
The 20-day EMA ($0.10) is showing a flat trajectory, while the RSI sits marginally beneath the midpoint, indicating potential range-bound movement in the near future. The DOGE/USDT pair could oscillate between $0.08 and $0.12 for several days.
Buying forces will secure the advantage upon closing above the $0.12 resistance. This would create opportunities for an advance to $0.16. Conversely, the advantage will shift toward selling forces upon closing beneath $0.08. The Dogecoin price could then descend to $0.06.
Cardano price prediction
Cardano's (ADA) recovery attempt reached the 20-day EMA ($0.29) on Saturday, which is anticipated to function as a substantial obstacle.
Should buying forces avoid surrendering considerable territory to selling forces, the probability of breaking beyond the 20-day EMA rises. This would suggest the ADA/USDT pair could continue operating within the descending channel for an extended duration. A break and close beyond the downtrend line would signal a potential reversal of the short-term trend.
Selling forces must drag the Cardano price beneath the support line to continue the downward trajectory toward the subsequent support at $0.20.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) climbed beyond the 20-day EMA ($544) on Friday, suggesting that selling forces are weakening their control.
The upward movement is encountering resistance at the 50-day SMA ($578), however an encouraging signal is that buying forces have prevented the Bitcoin Cash price from falling back beneath the 20-day EMA. This enhances the probability of the relief rally's continuation. Should buyers penetrate the 50-day SMA, the BCH/USDT pair could reach $600.
Selling forces must quickly pull the price beneath the 20-day EMA to apply pressure on buying forces. The pair could then slide toward the $500 support.
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