A widely followed crypto analyst shares what he expects to be the trajectory of Bitcoin (BTC) over the next month.
Crypto trading Justin Bennett recount his 109,600 Twitter followers what to expect from the King of Crypto if BTC continues to trade above $18,700.
“As long as $18,700 holds, this is my Bitcoin playbook until October.”
With BTC trading for $19,567 at the time of writing, Bennett expects the largest cryptocurrency by market capitalization to continue in a bullish deviation until at least Halloween.
Bennett also looks at the US Dollar Index (DXY), a measure of the strength of the US dollar against a basket of assets, in this case digital assets.
Generally speaking, a bearish DXY is bullish for crypto and vice versa.
Bennet said the DXY has just confirmed a bearish deviation, which is potentially good news for the crypto.
“Not only did the DXY confirm a bearish deviation from a 10-month level today, but it also closed inside this channel from August.
Bullish for stocks and crypto.
Bennett also takes the time to assess the Total Crypto Market Cap (TOTAL), measuring the strength of the entire crypto market. The merchant calls this chart is the one to watch for crypto right now.
“TOTAL is still the crypto chart to watch, in my opinion.
$913-920 billion still holds as resistance. A daily close above this area is needed to guarantee a rally in October.
Expect to cut until this beach breaks.
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