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Issue 338 – The Case for an Extended Crypto Rally

November 23, 2022


We saw some significant retests today from crypto, but the market isn’t slowing down yet.

So in today’s video, I’ll discuss the breakout levels I’m watching for Bitcoin, Ethereum, and others.

Updates include the SPX, USDT.D, BTC, ETH, and LTC.


S&P 500 (SPX500)

Support: 3,966

Resistance: 4,100

Idea: SPX is extending its run today toward that ATH trend line at 4,100. That’s going to be a make-or-break moment for equities. A daily and weekly close above that would open up the August high and likely trigger higher prices for crypto. However, a bearish rejection from that 4,100 area could signal the end of this run.

Tether Dominance (USDT.D)

Support: 8.2%

Resistance: 9%

Idea: Tether dominance, or USDT.D, is one of the markets that has me second-guessing whether crypto can make a run. USDT.D moves inversely to assets like BTC and ETH as it measured the dominance of the Tether stablecoin. As of now, USDT.D is holding above 8.2% support on the weekly chart. It will take a weekly close back below 8.2% to send Tether dominance lower and Bitcoin higher. But if 8.2% holds and Tether dominance rallies, then we could see that next leg lower for crypto.

Bitcoin (BTCUSD)

Support: $16,250 and $16,000

Resistance: $16,580 and $17,000

Idea: BTC is up nicely after deviating at the range lows, which I’ve mentioned for the last two days. I’m still long from $16,096 with a target of $17,000. If BTC can clear $16,580 on the 4-hour chart, the next stop is likely $17,000. Alternatively, a rotation lower should find support at $16,250.

Ethereum (ETHUSD)

Support: $1,140 and $1,108

Resistance: $1,190 and $1,240

Idea: ETH retested $1,190 today, which is a confluence of resistance. It’s going to take at least a 4-hour close above that area to flip it to support and expose $1,240, a level that dates back to June. Alternatively, a rotation lower would likely find support at $1,140.

Litecoin (LTCUSDT)

Support: $73.20

Resistance: $96.50

Idea: LTC has been on a tear recently, taking out the confluence of resistance at $73.20, which has now flipped to support. If that area holds, I think we see LTC continue higher here into $96.50 and potentially $128. Alternatively, a daily close back below $73.20 would signal a bearish fakeout and end the rally.

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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.