Price analysis 3/6: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL

cointelegraph.com:

The United States equities markets are trying to extend their recovery at the start of the new week. One of the reasons that could be boosting investor confidence is that the yield on the benchmark 10-year note has slipped further to 3.924%.

However, the bullish sentiment of the equities markets has not rubbed off on the cryptocurrency markets which continue to underperform. Bitcoin’s (BTC) tight range trading since March 4 suggests that there is uncertainty about the next directional move.

Generally, periods of low volatility are followed by a pick-up in volatility. The congressional testimony of Federal Reserve Chair Jerome Powell on March 7 and March 8 will be watched for the outlook on inflation and rate hikes. Later, on March 10, the release of February's job report could add to the volatility.

Could the strength in the U.S. equities markets and the weakness in the U.S. dollar index(DXY) attract buying in the beaten-down cryptocurrency sector? Let’s study the charts to find out.

The S&P 500 index (SPX) turned up sharply from 3,928 on March 2, indicating that buyers have not given up and are accumulating at lower levels.

Buyers pushed the price above the 20-day exponential moving average (4,030) on March 3 and followed it up with another move higher on March 6. The rise back above the uptrend line could have trapped the aggressive bears who may be rushing to the exit. The index will try to rise to 4,200 and then to 4,300.

On the contrary, if the price turns down from the current level or the overhead resistance and breaks below the moving averages, it will suggest that bears are back in the game. A break and close below 3,928 could open the gates for a possible drop to 3,764.

The recovery in the U.S. dollar index (DXY) is