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Issue 341 – Making Sense of Bitcoin After Powell’s Speech

November 30, 2022


We finally got some movement from markets overnight with BTC taking out several key levels and the SPX closing in on 4,100.

In today’s video, I discuss what I’m watching following today’s speech from Chair Powell.

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


US Dollar Index (DXY)

Support: 105.30 and 103

Resistance: 106.25 and 107.80

Idea: DXY is rotating lower today and dropping back below 106.25. A daily close below flips the level back to resistance and opens up 105.30 once again. A close below that exposes the multi-year level at 103.

S&P 500 (SPX500)

Support: 4,040 (on a close above) and 3,960

Resistance: 4,100

Idea: SPX is having a huge day today, up over 2.5% as I type this. It’s also trying to close above 4,040, which would flip to support. However, 4,100 will be a massive test for bulls given that it’s the trend line from the ATH. Get above that and we have to start talking about the August high, but for now it’s resistance.

Tether Dominance (USDT.D)

Support: 7.2% and 5.8%

Resistance: 8.2% (if this week closes below)

Idea: I mentioned Tether dominance last week and how a weekly close below 8.2% would be bullish for crypto. Remember that USDT.D moves inversely to assets like BTC. As of now, USDT.D looks relatively weak, which hints at more upside for crypto.

Bitcoin (BTCUSD)

Support: $16,980 and $16,685

Resistance: $17,550 and $18,160

Idea: BTC is breaking out today and looking to close above $17,000, which it’s already done on the 4-hour time frame. That would flip the area to support and expose the top of this channel near $17,400 with a key horizontal coming in at $17,550. Keep an eye on $16,685 in case we do get a deeper intraday pullback.

Ethereum (ETHUSD)

Support: $1,287 (if it closes above), $1,273 and $1,230

Resistance: $1,310 and $1,340

Idea: ETH is sitting just below ascending channel resistance but is now above $1,273 on a 4-hour closing basis. So we’ll see if that holds or not. If it doesn’t, we could get that pullback into $1,230. However, if ETH can break above channel resistance and hold, all eyes will turn to $1,340.

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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.

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