Price analysis 2/16: BTC, ETH, BNB, XRP, ADA, SOL, AVAX, LUNA, DOGE, DOT
Bitcoin (BTC) and the U.S. equity markets are facing selling on Feb. 16 as traders seem to be trimming positions in assets perceived to be risky on the accusation by NATO that Russia continues to build troops near the Ukrainian border.
This is contrary to claims by Moscow that Russian troops are returning to their permanent deployments after completion of the exercise. This geopolitical uncertainty could result in increased volatility in the near term.
However, the longer-term fundamentals continue to strengthen. PwC Luxembourg, in a recent report, said that 61% of 123 Luxembourg-based financial players have either started or plan to start their “crypto journey” soon.
JPMorgan has opened a virtual lounge in Decentraland’s Metajuku Mall, taking the first step into the metaverse, which the bank believes will present a $1-trillion opportunity.
Even Warren Buffet, who has been a vocal critic of Bitcoin until now, seems to be warming up to the fintech sector. Berkshire Hathaway’s security filing shows that the firm has increased its holdings in Nubank, the largest fintech bank in Brazil and reduced exposure in Visa and Mastercard stock.
Let’s study the charts of the top-10 cryptocurrencies to determine the near-term price action.
Bitcoin bounced off the 20-day exponential moving average (EMA) ($41,938) on Feb. 14 but the bulls could not push the price to the overhead resistance at $45,821. This suggests that higher levels continue to attract selling.
The moving averages have completed a bullish crossover and the relative strength index (RSI) is in the positive territory, indicating that the sentiment is positive. The bulls are likely to buy the dips to the 20-day EMA.
If the price turns up from the current level or rebounds off
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