{"id":37206,"date":"2022-12-05T15:10:48","date_gmt":"2022-12-05T15:10:48","guid":{"rendered":"http:\/\/egrowonline.com\/?p=37206"},"modified":"2022-12-05T15:10:48","modified_gmt":"2022-12-05T15:10:48","slug":"btc-price-levels-to-watch-as-bitcoin-holds-17k-into-the-market-open","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=37206","title":{"rendered":"BTC price levels to watch as Bitcoin holds $17K into the market open"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) cooled volatility above $17,000 into the Dec. 5 Wall Street open as traders confirmed upside targets.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Bitcoin traders warm to near-term upside<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> followed BTC\/USD as it held overnight gains, having hit three-week highs.<\/p>\n

The weekly close itself was encouraging for some, forming Bitcoin\u2019s highest since the FTX scandal<\/a> broke.<\/p>\n

Now, traders were hoping that upside would continue toward $20,000, with various resistance zones in play.<\/p>\n

\u201cSlowly, but surely, Bitcoin is grinding upwards. Needs to crack $17.4-17.6K, but then we most likely continue quite fastly towards $19K,\u201d Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, wrote<\/a> in an update on the day.<\/p>\n

A further post<\/a> offered a BTC\/USD chart with relevant price levels of interest.<\/p>\n

BTC\/USD annotated chart. Source: Micha\u00ebl van de Poppe\/ Twitter<\/em><\/figcaption><\/figure>\n

Fellow trader Titan of Crypto flagged<\/a> $18,500 as a formidable resistance zone to watch, while a daily close above $17,167 would be \u201cencouraging.\u201d <\/p>\n

\u201cAre we leaving the range this week?\u201d trader DoopieCash queried<\/a> alongside a chart showing $17,552 as clinch level on daily timeframes.<\/p>\n

BTC\/USD annotated chart. Source: DoopieCash\/ Twitter<\/em><\/figcaption><\/figure>\n

A still-optimistic Moustache meanwhile pointed<\/a> to a classic bottoming pattern, the inverse head and shoulders, \u201cin full swing\u201d on the 12-hour chart.<\/p>\n

BTC\/USD annotated chart. Source: Moustache\/ Twitter<\/em><\/figcaption><\/figure>\n

Dollar strength faces tense week<\/h2>\n

Eyes were meanwhile on United States equities as Asian markets had another strong day’s trading.<\/p>\n

Related:\u00a0\u2018Imminent\u2019 crash for stocks? 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n

Hong Kong’s Hang Seng was up 4.5% on the day, while the Shanghai Composite Index managed nearly 1.8%.<\/p>\n

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.\u00a0<\/p>\n

U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Sven Henrich, founder of NorthmanTrader, meanwhile noted the ongoing inverse correlation between DXY and the S&P 500.<\/p>\n

“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<\/a> on the day.<\/p>\n

U.S. dollar index (DXY) vs. S&P 500 annotated chart. Source: Sven Henrich\/ Twitter<\/em><\/figcaption><\/figure>\n

The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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 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 […]<\/p>\n","protected":false},"author":1,"featured_media":37207,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[5997,50,194,1153,977,219,1210,195,635],"class_list":["post-37206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-17k","tag-bitcoin","tag-btc","tag-holds","tag-levels","tag-market","tag-open","tag-price","tag-watch"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/12\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvODdjOTQzNDQtNTI3MC00YzA3LWJjZGQtMTFiMzczNjg2NDJkLmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/37206","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=37206"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/37206\/revisions"}],"predecessor-version":[{"id":37208,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/37206\/revisions\/37208"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/37207"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37206"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}