Get Free Lifetime Access!

Ditch the monthly payments and get free access to Cryptocademy for life. 

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.

Trading Tools & Resources

The links below are affiliate links. Meaning that at no additional cost to you, I will earn a commission if you click through and sign up.

Bybit - My preferred exchange for trading crypto. Over 100 tradable assets, super competitive spreads, and the best mobile trading platform I've ever used. Use the link below to get FREE lifetime access to Cryptocademy!

iTrustCapital - Where I invest in crypto for my retirement account. These are self-directed IRAs where you can invest in dozens of crypto assets and even gold and silver. Right now they're offering $100 in BTC when you fund an account with at least $1,000. Use the link below to claim this offer. 

TraderSync - The crypto trading journal I use and trust. Enter trades manually or import from dozens of brokers/exchanges, including Bybit! Track your win rate, average return, profit factor and identify mistakes to improve your trading. 

Justin T Bennett

Follow me on Twitter:

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.