Bitcoin analysts eye weakening US dollar as BTC price fights for $17K

Bitcoin (BTC) bulls tried to retake $17,000 into the Dec. Four weekly shut as volatility appeared set to return to the market.

Bollinger Bands demand BTC pricevolatility

Knowledge from Cointelegraph Markets Professional and TradingView confirmed BTC/USD crisscrossing the $17,000 mark — a focus all through the weekend.

With macro cues nonetheless to come back, Bitcoin appeared for catalysts as indicators of volatility crept into low timeframes.

Amongst these eyeing a possible break of the established order was common dealer Cheds, who noted that the Bollinger Bands volatility indicator was flashing on the 4-hour chart.

Bollinger Bands constricting indicators that volatility is due quickly, and on the day, 4-hour chart bands had been at their narrowest since Nov. 27 — simply earlier than BTC/USD gained $1,000.

Fellow dealer Crypto Tony in the meantime stayed placed on his short-term BTC worth principle.

“Merely no change over the previous couple of days,” he told Twitter followers.

“We’re grinding extra into the EQ / mid vary, however i would not be shocked to see a wick as much as kind an SFP and again down.”

Beforehand, Crypto Tony flagged $21,500 as a goal to purpose for if bulls had been to take management and alter the development.

U.S. greenback index reverses reduction bounce

The approaching week in the meantime appeared more and more essential for the U.S. greenback and, by extension, threat asset efficiency.

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Already at its lowest ranges in 5 months, the U.S. greenback index (DXY) appeared decidedly bleak on the finish of the prior week’s buying and selling.

A bounce to 105.6 on Dec. 2 reversed nearly solely via the day, DXY ending on 104.5.

For technical analyst Gert van Lagen, it was all a part of the plan, with bearish DXY indicators obvious even in November.

“Swift bearish continuation could be regular right here,” he wrote in evaluation on Nov. 23 to which he returned over the weekend.

“Correction ongoing,” buying and selling useful resource Stockmoney Lizards added about DXY efficiency.

The views, ideas and opinions expressed listed here are the authors’ alone and don’t essentially replicate or symbolize the views and opinions of Cointelegraph.