Price analysis 2/20: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL

cointelegraph.com:

Bitcoin (BTC) rose more than 11% last week and is trading near the pivotal resistance at $25,000. Monitoring resource Material Indicators highlighted in its latest update that large volume traders were “thinning” overhead resistance, which could spark a rally. As the prices rise, retail traders may get sucked in and the whales could use this opportunity to sell their positions that were accumulated at lower levels.

Every uptrend witnesses several pullbacks and Bitcoin is no exception. However, the price action of the past several months shows a large basing pattern, which may be about to break out to the upside. If that happens, Bitcoin will signal a potential trend change.

There are very few occasions when all the indicators turn bullish. If traders keep waiting for that to happen, they may miss a large portion of the rally. Therefore, it is better to watch the price action closely and trade according to the individual’s money management principles. Usually, successful strategies are simple and easy to follow.

Could Bitcoin and select altcoins continue to outperform the United States equities markets in the near term? Let’s study the charts to find out.

The S&P 500 index (SPX) bounced off the 20-day exponential moving average (4,080) on Feb. 10 but the bulls could not push the price to the overhead resistance at 4,200. This emboldened the bears who pulled the price below the 20-day EMA on Feb. 17. A minor positive for the bulls is that lower levels attracted strong buying as seen from the long tail on the day’s candlestick.

The 20-day EMA is flattening out and the relative strength index (RSI) is near the midpoint, suggesting a few days of consolidation. The index could swing between the uptrend line and 4,200 for some time.