As the DXY weakens further, Bitcoin and several altcoins may start a stronger recovery.
. In comparison, the United States dollar, which is perceived to be a safe haven, rallied nearly 9%, its best year since 2015.
Could the U.S. dollar index continue its correction and will that benefit risky assets? Let’s study the charts to find out.The bears tried to extend the correction last week but the bulls managed to defend the 3,764 level. This indicates that the bulls are trying to form a higher low in the S&P 500 index.The 20-day exponential moving average is sloping down and the relative strength index is near 45, suggesting that bears have a slight edge.
On the contrary, if the price turns down from the 20-day EMA and plummets below 3,764, the selling could intensify and the index may slide to 3,650.Buyers tried to propel the U.S. dollar index above the 20-day EMA on Dec. 28 but the bears held their ground. This indicates that the sentiment has turned negative and traders are selling on relief rallies.The bears yanked the price below the immediate support of 103.44 on Dec. 30, indicating the resumption of the downtrend.
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