Price analysis 4/17: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL

cointelegraph.com:

Pullbacks are a part and parcel of uptrends. They not only help shake out the weaker hands but also offer an opportunity for traders to add to their position or make fresh entries. Currently, Bitcoin (BTC) is witnessing a correction as bulls and the bears battle for control, but is this a buying opportunity or the start of a trend reversal?

The Crypto Fear & Greed Index has risen to 69, indicating that traders have started to get greedy again. When this happens, it is time to become cautious in the near term because when new traders begin chasing prices higher, experienced traders sell into strength and buy on dips.

ARK Invest CEO Cathie Wood said in a recent interview that Bitcoin and Ether (ETH) are being considered as safe haven assets like gold. Meanwhile, Bridgewater Associates founder Ray Dalio does not consider Bitcoin to be “an effective store hold of wealth or a medium of exchange.” He called it “a very, very poor alternative to gold.” This shows that some legacy investors are still uncertain about the future prospects of Bitcoin.

Will traders buy the dip in Bitcoin and the major altcoins or could the correction deepen further? Let’s study the charts to find out.

The S&P 500 index (SPX) has been gradually moving toward the overhead resistance at 4,200. The price action of the past few days has formed an ascending triangle pattern, which will complete on a break and close above 4,200.

If that occurs, the index may start a new uptrend which has a target objective of 4,909. It is unlikely to be a straight dash higher because the buyers are likely to face stiff resistance at 4,300 and then again at 4,625.

Another possibility is that the price turns down from the current level or the overhead resistance at 4,200 and slips