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Issue 333 – Crypto Market Weakens on Contagion Fears

November 16, 2022


The crypto market continues to trade sideways following the FTX fallout. However, the SPX is sitting on a critical area that will likely determine the future direction for markets.

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


US Dollar Index (DXY)

Support: 105 and 103

Resistance: 107.70 and 109.30

Idea: The DXY continued to consolidate today following a significant pullback last week. So the range I outlined yesterday is still intact, and there won’t be much to discuss until that range breaks.

S&P 500 (SPX500)

Support: 3,966 and 3,910

Resistance: 4,120

Idea: The SPX has been hovering above 3,966 since last Friday. It seems bulls do not want to give up that level on a daily or even 4-hour closing basis. If they do, it would open up 3,910, which is a must-hold level for bulls. Any daily close below 3,910 would likely push the SPX into the March 2020 support near 3,670.

Total Crypto Market Cap (TOTAL)

Support: $770B and $750B

Resistance: $788B and $812B

Idea: TOTAL broke down today, closing back below the November 8th trend line, which is now serving as resistance. We’ll see if this holds or if the break lower today was the fakeout. Either way, the $770B area will be key support as that’s the trend line from the recent low.

Bitcoin (BTCUSD)

Support: $16,400 and $15,800

Resistance: $16,550 and $17,000

Idea: Bitcoin also broke back below a November 8th trend line today at $16,550. So far, BTC is having trouble climbing back above that level, so we’ll see if that holds into today’s close. However, the much bigger level for BTC comes in at $16,400, which is the trend line from the November 9th low. A 4-hour close below that would open up lower prices like $15,800.

Ethereum (ETHUSD)

Support: $1,100 and $1,000

Resistance: $1,220

Idea: ETH broke down from the triangle that’s formed over the past week, with resistance coming in at $1,220. As long as ETH stays below that on a 4-hour closing basis, I like Ethereum lower toward $1,100. Alternatively, a 4-hour reclaim of the $1,220 area would be bullish. However, Ethereum would also have to close above $1,250 to turn significantly bullish.

Sushi (SUSHIUSDT)

Support: $1.28 and $1

Resistance: $1.40

Idea: SUSHI has formed a near-perfect rising wedge that’s best seen on the hourly time frame. At the moment, the market is sitting right on $1.28 support. It’s going to take a close below that to confirm the breakdown and open up the target at $1. Alternatively, a bounce from here could take SUSHI back to wedge resistance at $1.40.

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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.

Cryptocademy.com is the culmination of my love for cryptocurrencies, my passion for financial markets, and desire to learn and teach.