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.”
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.”
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.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Zaleman/PurpleRender
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