[New post] Bitcoin price fails to retake $17K with market ‘not prepared’ for dip
Crypto Breaking News posted: "Bitcoin (BTC) divided traders yet again on Dec. 21 as sideways BTC price action split opinion on the future.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView$17,500 becomes popular BTC price targeData from Cointelegraph Markets Pro and TradingVi" Crypto Breaking News
A single brief spike above the $17,000 mark failed to last, the pair returning to familiar territory from the past week.
For popular traders, there was a lack of consensus, with some calling for an eventual breakout to the upside and others demanding a rapid fall toward $10,000.
"I'd want it to hold $16.7K in order to see continuation on Bitcoin," Michaël van de Poppe, founder and CEO of trading firm Eight, told Twitter followers on Dec. 20:
"For now, it's fine. Some sideways consolidation, before breaking $17K for further continuation to $17.5-17.7K."
Fellow trader and analyst Elizy agreed on the potential for a rethink once $17,500 hit, while Crypto Tony also eyed that zone as a line in the sand.
"Holding that EQ would still present a good opportunity for us to pump to the supply zoned around $17,300 - $17,600. My stop loss on my short is if we close above $17,600," he commented alongside a chart on the day.
The U.S. Dollar Index (DXY), ostensibly still inversely correlated to crypto markets, focused on the 104 mark at the time of writing.
U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView
"DXY lower due to other currencies becoming relatively stronger on hawkish policy —> stocks + crypto down/sideways," commentator Tedtalksmacro summarized in part of a Twitter reaction to the BoJ.
The views, thoughts and opinions expressed here are the authors' alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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