Details of Crypto Analyst Bitcoin Playbook Through October US Dollar Index Says Bullish for Crypto
A widely followed cryptoanalyst shares what he expects to be Bitcoin’s (BTC) trajectory over the next month.
Crypto Trading Justin Bennett says his 109,600 Twitter followers what to expect from the royal crypt if BTC continues to trade above $18,700.
“As long as $18,700 holds, this is my Bitcoin playbook through October.”
With BTC trading at $19,567 at the time of writing, Bennett expects the largest cryptocurrency by market cap to continue in a bullish divergence 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 DXY just confirmed a bearish divergence, which is potentially good news for crypto.
“Not only did the DXY confirm a bearish divergence from a 10-month level today, but it also closed back in this channel from August.
Bullish for stocks and crypto.”
Bennett also spends time assessing the total crypto market cap (TOTAL), which measures the strength of the entire crypto market. The merchant conversations this chart you should watch for crypto right now.
“TOTAL is still the crypto chart to watch, in my opinion.
$913 billion-$920 billion still holds as resistance. A daily closure over this area is necessary to ensure an October rally.
Expect chop until this area smokes.”
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