SPX, DXY, BTC, ETH, BNB, SOL, XRP, ADA, DOGE, AVAX

The S&P 500 index ( SPX ) and the Nasdaq Composite hit new all-time highs last week, reflecting risk appetite among investors. Bitcoin (BTC) isn't looking to lag behind either and is currently $2,000 shy of its November 2021 lifetime high of $68,990.

The momentum will help buyers push Bitcoin's price to new all-time highs over the next few days. But the big question is, will a rise above $68,990 start the next phase of growth, or will the price begin a correction phase with a sharp decline and trap aggressive bulls?

During the FOMO stage, strong returns are made in the short term. Although the risk is high, the season will reward traders who can ride at this level. But traders should be careful as straight rallies are followed by sharp declines. Therefore, traders should keep their stops ready so that their profits don't evaporate quickly.

Can the bulls propel Bitcoin to new all-time highs and sustain it, or is it time to book profits? Let's examine the charts to find out.

S&P 500 Index Price Analysis

The S&P 500 index closed at a new all-time high on March 1, indicating that the bulls remain in the driver's seat.

The index has been trading in an upward channel pattern for several days, indicating that the bears may pose a strong challenge to the resistance line. If the price is reduced from the protection line, the bears will try to pull the indicator to the support line. A break below the channel initiates a short-term correction phase.

On the contrary, if the bulls break the price above the channel, it indicates a rapid rise. That could start a vertical rally, which could take the index to 5,300 and then 5,500. Traders should be cautious as a negative divergence in the Relative Strength Index (RSI) could cause the bulls to lose steam.

Analysis of the price of the US dollar index

The bulls pushed the USdollar Index (DXY) above its 20-day moving average (104) on February 29, but failed to build on it. Sellers priced below the 20-day EMA on March 1.

The 20-day EMA has flattened out, and the RSI is near the midpoint, indicating potential range-bound action in the near term. If the price is below the 20-day EMA, the index may slide towards the 50-day simple moving average (103). Buyers are expected to defend this level effectively.

Conversely, if the price breaks out of current levels and rises above 104.30, it indicates strong buying at lower levels. The index may rise to 105. A break above this resistance opens the door to a possible rise to 106.

Bitcoin price analysis

Bitcoin has been on strong growth for the past several days. The bears tried to stop the upside move near $64,000, but that resulted in a pennant formation.

The bulls asserted their dominance after breaking above the price on March 4th. This indicates the beginning of the next uptrend, which may reach an all-time high of $68,990 and then continue to $76,000, which is the target of the pattern. Scattering from the pennant.

Time is running out for the bears. If they want to make a comeback, they need to quickly drag the price below $60,000. If they do, short-term traders may hit several stops, and the BTC/USDT pair may drop to the 20-day EMA ($56,250).

Ether price analysis

Ether (ETH) saw profit-taking at around $3,600 on February 29, but the bears have been unable to pull back, indicating that every minor trend is being bought.

The bulls are again trying to overcome the strong barrier at $3,600. If they manage to do that, the ETH/USDT pair could start the next leg of the uptrend and move higher towards $4,000 and later towards $4,150.

The upward moving averages suggest the bulls are in control, but the RSI has remained in the overbought zone for several days, raising the possibility of a short-term reversal. The immediate support on the downside is at $3,300, and then the 20-day EMA ($3,129).

BNB price analysis

BNB (BNB) has been at highs for several days. The bears tried to stop the rally at $427, but the bulls bought the dip on February 29, indicating positive sentiment.

The rising moving averages and the RSI in the overbought zone suggest that the path of least resistance is up. If buyers push the price above $427, the BNB/USDT pair may reach $460. The Bulls may find it a challenge to easily break away from this opposition.

Crucial support to watch on the downside is the 20-day EMA ($383). If this support is broken, it indicates that short-term traders may rush to the exit. That could initiate a correction level towards the 50-day SMA ($338).

XRP price analysis

XRP (XRP) fell sharply on March 3, but the long tail on the candlestick indicates strong buying at lower levels.

The upward 20-day EMA ($0.58) and the RSI in the overbought zone suggest that the bulls are in command. There is a small resistance at $0.67, but it can be crossed. The rally may reach a strong resistance of $0.74.

Instead, if the price drops significantly from $0.67, it shows that the bears will defend the level strongly. That could lower the price to the 20-day EMA and keep the XRP/USDT pair in the $0.46 to $0.67 range for some time.

Solana price analysis

Solana (SOL) closed above $126 resistance on March 1, but the bulls are struggling to maintain momentum. This indicates a lack of interest at higher levels.

If the price stays above $126, it increases the possibility of resuming the reversal. If buyers break the $138 level, the SOL/USDT pair may rise to $143 and then to $158.

Contrary to this assumption, if the $126 level gives way, the pair could fall to the 20-day EMA ($116). The bears need to pull the price below the 20-day EMA to signal that a break above $126 is a bullish move. The pair may descend towards the 50-day SMA ($104).

Related: New GBTC Bitcoin Outflows Pass $550M As BTC Price Hits $67K

Cardano price analysis

Cardano (ADA) has started the next level of growth after buyers broke the $0.68 barrier on March 1. Bears tried to pull the price below the breakout level on March 3, but the bulls held their ground. This indicates strong buying on dips.

The upward movement may reach $0.90, the bears are expected to mount a strong resistance. If momentum remains strong and buyers ride at $0.90, the rally could extend to $1.25. It may be difficult for the bulls to cross this stage.

RSI has risen above 80, which indicates that the rally is in danger of stopping. The 20-day EMA ($0.64) remains an important support to watch for the downside. A break and close below this level indicates that the bulls are losing their grip. The ADA/USDT pair may slide towards the 50-day SMA ($0.56).

Dogecoin price analysis

Dogecoin (DOGE) has been in a strong bull run for the past few days. The bears tried to push the price lower on March 3, but the long tail on the candlestick indicates buying by the bulls.

The bulls continued to push the DOGE/USDT pair above the $0.16 overhead resistance on March 4. This opens the door for a move higher to $0.18 and then $0.22. The sharp rally sent the RSI deep into the overbought range, suggesting that a consolidation or correction may be just around the corner.

The first support is at $0.16 and then at $0.12. If this support is taken, it suggests that the breakout may end.

Price analysis

Avalanche (AVAX) completed a bullish head and shoulders pattern on March 1 after the price closed above the neckline at $42.

The AVAX/USDT pair is seeing a fierce battle between bulls and bears near the $42 level. If buyers turn the level into support and push the price above $45, the pair may rally to psychological resistance at $50. If this level is broken, the pair may reach the $57 pattern target.

To weaken the bulls, sellers need to pull the price below the 20-day EMA ($40). The pair may then slide towards the 50-day SMA ($37), which may be a bull trap after the breakout on March 1.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.