Price analysis 2/13: SPX, DXY, BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, SOL
Bitcoin (BTC) and select altcoins are threatening to deepen their correction after reports emerged that the United States Securities and Exchange Commission (SEC) issued a Wells Notice to Paxos, alleging that the dollar-pegged Binance USD (BUSD) stablecoin is an unregistered security. Separately, Paxos has been ordered by the New York Department of Financial Services (NYDFS) to halt the issuance of BUSD.
After the crackdown on Kraken last week and now Paxos, the regulator’s actions may increase nervousness among crypto investors. FOX Business journalist Eleanor Terrett tweeted on Feb. 12 that “more Wells notices going out in the coming 2-3 weeks, I’m told.”
Volatility may remain high in the near term as market observers await the consumer price index data to be released on Feb. 14. Interestingly, Bitcoin has made a golden cross on the daily chart and a death cross on the weekly time frame.
This suggests that the medium-term trend remains negative but the short-term trend could be signaling a turnaround. Let’s study the charts to find out the critical support and resistance levels to watch out for.
The S&P 500 index (SPX) turned down from 4,200 on Feb. 2 and has reached the 20-day exponential moving average (4,057) on Feb. 10. This is an important level for the bulls to defend if they want to keep the recovery intact.
The 20-day EMA is sloping up gradually and the relative strength index (RSI) is in the positive territory, indicating a minor advantage to buyers. The bulls will try to push the price to the overhead resistance at 4,200.
This is an important level to keep an eye on because if bulls pierce this resistance, the index may rally to 4,300 and thereafter to 4,500.
If bears want to have the upper hand, they will have
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