[ad_1]
Bitcoin (BTC) cooled volatility above $17,000 into the Dec. 5 Wall Street open as traders confirmed upside targets.
Bitcoin traders warm to near-term upside
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.
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.
A still-optimistic Moustache meanwhile pointed to a classic bottoming pattern, the inverse head and shoulders, “in full swing” on the 12-hour chart.
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.
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.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
[ad_2]
Source link
