BTC price strength allows cautious Bitcoin traders outline targets above $17,500. 1203 Total views 11 Total shares Listen to article 0:00 Market Update Own this piece of crypto history Collect this article as NFT 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: TradingViewBitcoin 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 Bitcoins 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, Michal 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: Michal 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/ TwitterDollar 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. #Bitcoin #Dollar #Bitcoin Price #Markets #Stocks Related News How to get a job in the Metaverse and Web3 How to buy food with Bitcoin? Price analysis 11/21: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT Price analysis 11/28: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT Bitcoin bulls lie in wait as US dollar strength hits 5-month lows
