BTC price strength allows cautious Bitcoin traders outline targets above $17,500.
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Bitcoin (BTC) cooled volatility above $17,000 into the Dec. 5 Wall Street open as traders confirmed upside targets.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Bitcoin traders warm to near-term upside
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Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it held overnight gains, having hit three-week highs.
The weekly close itself was encouraging for some, forming Bitcoin’s highest since the FTX scandal broke.
Now, traders were hoping that upside would continue toward $20,000, with various resistance zones in play.
“Slowly, but surely, Bitcoin is grinding upwards. Needs to crack $17.4-17.6K, but then we most likely continue quite fastly towards $19K,” Michaël van de Poppe, founder and CEO of trading firm Eight, wrote in an update on the day.
A further post offered a BTC/USD chart with relevant price levels of interest.
BTC/USD annotated chart. Source: Michaël van de Poppe/ Twitter
Fellow trader Titan of Crypto flagged $18,500 as a formidable resistance zone to watch, while a daily close above $17,167 would be “encouraging.”
“Are we leaving the range this week?” trader DoopieCash queried alongside a chart showing $17,552 as clinch level on daily timeframes.
BTC/USD annotated chart. Source: DoopieCash/ Twitter
A still-optimistic Moustache meanwhile pointed to a classic bottoming pattern, the inverse head and shoulders, “in full swing” on the 12-hour chart.
BTC/USD annotated chart. Source: Moustache/ Twitter
Dollar strength faces tense week
Eyes were meanwhile on United States equities as Asian markets had another strong day’s trading.
Related: ‘Imminent’ crash for stocks? 5 things to know in Bitcoin this week
Hong Kong’s Hang Seng was up 4.5% on the day, while the Shanghai Composite Index managed nearly 1.8%.
The U.S. dollar remained a focus within the macro picture, with the U.S. dollar index (DXY) near five-month lows in what could yet be a boon for Bitcoin.
U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView
Sven Henrich, founder of NorthmanTrader, meanwhile noted the ongoing inverse correlation between DXY and the S&P 500.
“A key chart to navigating markets in past few months: The US dollar $SPX directional correlation. Still sitting at 95%,” part of Twitter comments mentioned on the day.
U.S. dollar index (DXY) vs. S&P 500 annotated chart. Source: Sven Henrich/ Twitter
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Source: cointelegraph.com
