Bitcoin and select altcoins are showing signs of continuing their up-move even as the S&P 500 points to a possible consolidation phase in the near term.
. As the prices rise, retail traders may get sucked in and the whales could use this opportunity to sell their positions that were accumulated at lower levels.
Could Bitcoin and select altcoins continue to outperform the United States equities markets in the near term? Let’s study the charts to find out.The S&P 500 index bounced off the 20-day exponential moving average on Feb. 10 but the bulls could not push the price to the overhead resistance at 4,200. This emboldened the bears who pulled the price below the 20-day EMA on Feb. 17.
Contrary to this assumption, if the price turns down and plummets below the uptrend line, the index may tumble to 3,764.The U.S. dollar index broke and closed above the wedge pattern on Feb. 16. The moving averages are about to complete a bullish crossover and the RSI is near 57, indicating that bulls are trying to make a comeback.However, the bears are unlikely to give up easily. They will try to pull the price back below the moving averages and trap the aggressive bulls.
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