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Crypto Analyst Details Bitcoin Playbook Through October, Says US Dollar Index Is Bullish for Crypto


dailyhodl.com 29 September 2022 19:00, UTC
Reading time: ~2 m

A widely followed crypto analyst is sharing what he expects to be Bitcoin’s (BTC) trajectory over the next month.

Crypto trade Justin Bennett tells his 109,600 Twitter followers what to expect from the king crypto should BTC continue trading above $18,700.

“As long as $18,700 holds, this is my Bitcoin playbook through October.”

Source: JustinBennettFX/Twitter

With BTC trading for $19,567 at time of writing, Bennett expects the largest cryptocurrency by market cap 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.

Bennett says the DXY just confirmed a bearish deviation, which is potentially good news for crypto.

“Not only did the DXY confirm a bearish deviation from a 10-month level today, but it also closed back inside this channel from August.

Bullish for stocks and crypto.”

Source: JustinBennettFX/Twitter

Bennett also takes time to assess the total crypto market cap (TOTAL), measuring the strength of the entire crypto market. The trader calls this chart the one to watch for crypto right now.

“TOTAL is still the crypto chart to watch, in my opinion. 

$913 billion-$920 billion is still holding as resistance. A daily close above that area is needed to secure an October rally.

Expect chop until this range breaks.”

Source: JustinBennettFX/Twitter

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