Levels for BTC if it holds $17K

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Written by

Kevin Lopez
Published on

December 5, 2022

Key points: 

  • By the time Wall Street opened on Dec. 5, Bitcoin’s volatility had dropped above $17,000, with traders confirming upside targets.
  • Traders from Twitter see the potential of climbing up to $20K for Bitcoin as it formates the inverted head and shoulders on the 12-hour chart.
  • The U.S. dollar remains in focus in the macro picture, with the DXY trading near five-month lows, which remains positive for Bitcoin.

Bitcoin Traders Are Preparing for a Short-Term Rally

Data from TradingView followed BTC/USD, rising overnight after hitting a three-week high.

The weekly close itself was encouraging to some, forming bitcoin's highest price since the FTX scandal broke.

Now, traders are looking for a continuation of the upward move 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,” said Michaël van de Poppe, founder, and CEO of trading firm Eight wrote in an update of the day.

Another article provides a BTC/USD chart with associated price levels.

BTC USDT chart from Michael van de PoppeBTC/USDT chart from Michael van de Poppe Twitter 

Crypto trader Titan marks $18,500 as an impressive resistance area to watch, while a daily close above $17,167 would be "encouraging."

"Are we leaving the range this week?" trader DoopieCash asked next to a chart showing $17,552 as the closing level on the daily time frame.

BTC/USDT chart from DoopieCash BTC/USDT chart from DoopieCash Twitter  

Meanwhile, the still-optimistic Mustache pointed to a classic bottom pattern, the inverted head and shoulders, "in full swing" on the 12-hour chart.

BTC/USDT chart from Moustache Twitter BTC/USDT chart from Moustache Twitter 

The dollar strengthens ahead of a tense week

Meanwhile, eyes turned to U.S. stocks as Asian markets enjoyed another strong session.

Hong Kong's Hang Seng gained 4.5% on the day, while the Shanghai Composite gained nearly 1.8%.

The U.S. dollar remains in focus in the macro picture, with the U.S. dollar index (DXY) trading near five-month lows, which remains positive for Bitcoin.

U. S. Dollar Index (DXY) 1-hour time-frame from TradingView U. S. Dollar Index (DXY) 1-hour time-frame from TradingView 

Meanwhile, Northman Trader founder Sven Henrich pointed to the persistent negative 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%," said some Twitter comments mentioned that day.

U. S. Dollar Index (DXY) vs. S&P 500 from Sven Henrich TweeterU. S. Dollar Index (DXY) vs. S&P 500 from Sven Henrich Tweeter


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