Price analysis 2/27: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL

cointelegraph.com:

Bitcoin (BTC) and the United States equities markets are trying to start the week on a positive note but some analysts are skeptical about the short-term prospects of the markets. According to Bloomberg Intelligence senior macro strategist Mike McGlone, Bitcoin will face significant resistance at $25,000. McGlone believes that it “may be a while before buy-and-hold types gain the upper hand.”

It also looks like Bitcoin whales, unique entities owning 1,000 Bitcoin or more, are also not convinced of the recovery in the crypto markets. According to Glassnode, Bitcoin whale numbers have fallen to 1,663, which is well below the peak of 2,161 hit in February 2021.

It is difficult to catch the bottom in any market. Hence, traders should try to build a portfolio when they believe that the downtrend has ended and a basing pattern has begun.

Instead of buying the entire quantity at one go, they could gradually build a portfolio and aim to finish the purchases before the asset picks up momentum and shoots higher.

Could the strength in the equities markets pull Bitcoin and altcoins higher? Let’s study the charts to find out.

The S&P 500 index (SPX) plunged below the 20-day exponential moving average (4,046) on Feb. 17, which intensified selling and pulled the price to the uptrend line. Although the bears pulled the price below the uptrend line on Feb. 24, the lower levels attracted buying as seen from the long tail on the day’s candlestick. That helped the index close near the uptrend line.

The bulls may face an uphill task as the bears are likely to sell on any relief rallies near the 20-day EMA, as seen from the long wick on the Feb. 27 candlestick. If the price turns down from the 20-day EMA, it will suggest that the sentiment is