Price analysis 2/15: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

cointelegraph.com:

Bitcoin (BTC) is leading the cryptocurrency markets on the path to recovery. Although the United States Consumer Price Index (CPI) print for January was marginally higher than expectations, it did not dent the enthusiasm of bullish crypto trader.

A positive response to seemingly negative data is a sign that the sentiment is bullish and traders are looking for buying opportunities.

However, some analysts are cautious due to the strengthening of the U.S. dollar index (DXY). They believe that a sustained rally in the DXY could limit the upside in cryptocurrencies.

Usually, long-term downtrends are followed by a base formation. During this phase, several analysts remain skeptical about a rally but the price action continues to surprise them. Although data is important, short-term traders should focus more on price action and devise a suitable strategy.

What are the critical levels to keep an eye on? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin bounced off the $21,480 level on Feb. 14 and reached the 20-day exponential moving average ($22,235). This shows that buyers are trying to arrest the correction near the 38.2% Fibonacci retracement level of $21,228. A shallow pullback is an indication that traders are buying on minor dips.

If bears want to strengthen their position, they will have to aggressively defend the $22,800 level and sink the price below $21,228. If they do that, the BTC/USDT pair may extend the correction to the 50% retracement level at $20,294. The deeper the correction, the longer it is likely to take for the next leg of the up-move to begin.

Conversely, if bulls drive and sustain the price above $22,800, the pair could rally to $23,500 and then to $24,255. The bears are expected to