BTC cost levels to look at as Bitcoin holds $17K in to the market open

Bitcoin (BTC) cooled volatility above $17,000 in to the 12 ,. 5 Wall Street open as traders confirmed upside targets.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin traders warm to close-term upside

Data from Cointelegraph Markets Pro and TradingView adopted BTC/USD because it held overnight gains, getting hit three-week highs.

The weekly close itself was encouraging for many, developing Bitcoin’s greatest because the FTX scandal broke.

Now, traders were wishing that upside would continue toward $20,000, with assorted resistance zones in play.

“Slowly, but surely, Bitcoin is grinding upwards. Must crack $17.4-17.6K, however we probably continue quite fastly towards $19K,” Michaël van de Poppe, founder and Chief executive officer of buying and selling firm Eight, authored within an update at the time.

A further publish offered a BTC/USD chart with relevant cost amounts of interest.

BTC/USD annotated chart. Source: Michaël van de Poppe/ Twitter

Fellow trader Titan of Crypto flagged $18,500 like a formidable resistance zone to look at, while a regular close above $17,167 could be “encouraging.”

“Are we departing the number now?” trader DoopieCash queried alongside a chart showing $17,552 as clinch level on daily timeframes.

BTC/USD annotated chart. Source: DoopieCash/ Twitter

A still-positive Moustache meanwhile pointed to some classic bottoming pattern, the inverse mind and shoulders, “in full swing” around the 12-hour chart.

BTC/USD annotated chart. Source: Moustache/ Twitter

Dollar strength faces tense week

Eyes were meanwhile on U . s . States equities as Asian markets had another strong day’s buying and selling.

Related: ‘Imminent’ crash for stocks? 5 items to know in Bitcoin now

Hong Kong’s Hang Seng was up 4.5% at the time, as the Shanghai Composite Index managed nearly 1.8%.

The U.S. dollar continued to be an emphasis inside the macro picture, using the U.S. dollar index (DXY) near five-month lows with what could yet be considered a boon for Bitcoin. 

U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView

Sven Henrich, founding father of NorthmanTrader, meanwhile noted the continuing inverse correlation between DXY and also the S&ampP 500.

“A vital chart to navigating markets in past couple of several weeks: The United States dollar $SPX directional correlation. Still sitting at 95%,” a part of Twitter comments pointed out at the time.

U.S. dollar index (DXY) versus. S&ampP 500 annotated chart. Source: Sven Henrich/ Twitter

The views, ideas and opinions expressed listed here are the authors’ alone and don’t always reflect or represent the views and opinions of Cointelegraph.

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