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Issue 329 – Markets Plunge Again Ahead of CPI

November 9, 2022

The crypto market had another terrible day with Bitcoin closing down 14.5% and losing several key levels.

With CPI only 12 hours away, the question is, will it come in higher or lower than forecast?

Today’s updates include the DXY, SPX, TOTAL, BTC, and ETH.

US Dollar Index (DXY)

Support: 109.30

Resistance: 110.80 and 111.80

Idea: The DXY is bouncing today from 109.30, which isn’t a surprise given the significance of that area. Resistance comes in at 110.80 with a close above that exposing 111.80. Keep in mind that we have CPI tomorrow, so expect a lot of volatility across all markets.

S&P 500 (SPX500)

Support: 3,630

Resistance: 3,780

Idea: The SPX looks like it wants to rotate lower toward the March 2020 channel support at 3,630. That’s a must-hold area for bulls, but one that I think eventually fails and gives way to the 3,400 pre-COVID high.

Total Crypto Market Cap (TOTAL)

Support: $680B

Resistance: $760B

Idea: TOTAL broke the triangle I’ve mentioned a few times, and also closed below the $780B and $760B key levels, which will likely serve as resistance moving forward. Any rotation lower from here likely finds support at $680B and $575B.

Bitcoin (BTCUSD)

Support: $13,900

Resistance: $16,430

Idea: BTC took out another support today at $16,400, which flips to resistance going into Thursday’s CPI. Key support for Bitcoin is around $13,900, which is a confluence of support, as explained in the video above. Whether it can bounce from there depends heavily on tomorrow’s CPI and what the DXY and SPX do later this week.

Ethereum (ETHUSD)

Support: $1,000 and $880

Resistance: $1,140 and $1,240

Idea: ETH just closed the day below $1,140 and $1,240, which means both become new resistance. From here I think there’s a decent chance we see ETH test the $1,000 level, especially if equities slide lower tomorrow.

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Justin T Bennett

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About the Author

I'm Justin Bennett, a currency trader turned crypto enthusiast.

My journey started with stocks in 2002. After limited success, I transitioned to currencies in 2007, which later became a full time trading gig.

The journey continued, and in 2020, I committed to learning about cryptocurrencies. It was love at first sight. is the culmination of my love for cryptocurrencies, my passion for financial markets, and desire to learn and teach.