SPX, DXY, BTC, ETH, BNB, SOL, XRP, ADA, AVAX, DOGE — TradingView News

The S&P 500 Index (SPX) snapped its five-week winning streak and fell by 0.42% last week as the United States Consumer Price Index and Producer Price Index for January rose more than economists expected. Hot inflation reports increased concerns that the Federal Reserve may not cut rates till late in the year. Previously, market observers were anticipating a rate cut as early as March.

The adverse macroeconomic data has not affected Bitcoin’s BTCUSD price, which rallied about 8% to finish the week at $52,137, its highest weekly close since November 2021. Although $52,000 has been acting as a resistance for the past few days, the Bitcoin bulls have not hurried to book profits. This suggests that the market participants remain bullish for the long term.

Another positive in favor of Bitcoin is that outflows from the Grayscale Bitcoin Trust (GBTC) have been slowing down. After bleeding $5.64 billion in January, the outflows from GBTC have slowed to $1.37 billion in February.

Could Bitcoin start the next leg of the uptrend, pulling select altcoins higher? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index rebounded off the 20-day exponential moving average (4,940) on Feb. 13, indicating an uptrend.

However, the bears are not ready to give up easily and are trying to protect the overhead resistance of 5,048. The negative divergence on the relative strength index (RSI) cautions of a possible correction or consolidation in the short term.

A break below the 20-day EMA will indicate the start of a deeper correction. The index could then drop to the 50-day simple moving average (4,813) and subsequently to 4,650.

Contrary to this assumption, if the index continues higher and breaks above 5,048, it will signal the resumption of the uptrend. The index could then surge toward 5,200.

U.S. dollar Index price analysis

The U.S. dollar Index (DXY) attempted to start an up move on Feb. 13, but the rally met with strong selling pressure near 105.

The price turned down and reached the 20-day EMA (104), an important support to watch out for. If the price rebounds off the 20-day EMA, the bulls will make one more attempt to propel the index to 106 and then to 107.

Conversely, if the index breaks below the 20-day EMA, it will indicate that higher levels continue to attract selling by the bears. The index may then slump to the 50-day SMA (103), which is likely to attract buyers.

Bitcoin price analysis

Bitcoin is consolidating in an uptrend. The bears are trying to stall the rally at $52,000, but the bulls have kept up the pressure.

A tight consolidation near a crucial resistance generally resolves to the upside. If the bulls shove and maintain the price above $52,000, it will indicate the start of the next leg of the uptrend. The BTCUSDT pair could then surge toward $60,000.

If bears want to prevent the up move, they will have to quickly drag the price below the 20-day EMA ($48,260). If they do that, the stops of several short-term traders may get hit. The pair could then plunge to the 50-day SMA ($44,647).

Ether price analysis

Ether ETHUSD rebounded off $2,717 on Feb. 17, indicating that the bulls are trying to flip the level into support.

The ETHUSDT pair rose above the immediate resistance of $2,868 on Feb. 18, indicating the resumption of the uptrend. Buyers will try to maintain the momentum and kick the price to the psychologically critical level of $3,000.

The rally of the past few days has sent the RSI above 78, indicating the possibility of a minor correction or consolidation in the near term. Sellers will have to tug the price below the 20-day EMA ($2,615) to signal a short-term top.

BNB price analysis

BNB BNBUSD has pulled back in an uptrend, suggesting profit booking by short-term traders. Generally, pullbacks do not last for more than three days in a strong uptrend.

The rising 20-day EMA ($330) and the RSI near the overbought territory indicate that the bulls are in control. If the price turns up and breaks above $367, it will suggest that the uptrend has resumed. The BNBUSDT pair could then attempt a rally to $400.

Instead, if the price continues lower and slips below $348, the pair may reach the 20-day EMA. This level may again attract buyers, but if the bears prevail, the pair may plummet to the 50-day SMA ($314).

XRP price analysis

XRP XRPUSD has been stuck between the downtrend line and the 20-day EMA ($0.54) for the past few days, indicating indecision between the bulls and the bears.

The 20-day EMA has started to turn up gradually, and the RSI has risen into the positive zone, indicating that the bulls have the upper hand. If the price breaks and closes above the downtrend line, it will suggest that the correction…